POSH bags eight new vessel deals in Middle East

Offshore marine services provider, PACC Offshore Services Holdings (POSH), has been awarded long-term charters for eight offshore supply vessels with a combined value of approximately $167.5 million by a Middle Eastern national oil company.

The group will supply eight Anchor-Handling, Supply and Safety Standby vessels, of which six will be newbuilds.

The vessels, on a firm five-year charter with two one-year extension options, will support the national oil company’s operations at the Arabian Gulf.

The charters will start progressively following delivery, with vessels to be handed over to the client starting from December 2016, POSH said on Tuesday.

The contracts awarded are in addition to the earlier 4 newbuilds awarded in February this year.

POSH said that these contracts secured are not expected to have a material impact on the net tangible assets or earnings per share of the Group for the financial year ending December 31, 2016.

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