POSH Endurance vessel hired for Brunei work

Singapore’s offshore vessel operator Pacc Offshore Services Holdings has found work for its offshore vessel POSH Endurance.

POSH Endurance / Image source: POSH
POSH Endurance / Image source: POSH

In its quarterly results report earlier this week, the company also known as POSH said that the contract for the POSH Endurance unit was signed in October.

POSH, which has this week also received a takeover offer from Quetzal, said that the POSH Endurance contract would begin in the second quarter of 2020.

The company did not say who the client was. It said that the POSH Endurance would be used for the provision of accommodation support during a maintenance campaign for oil and gas assets in Brunei.

The company, whose business is split into four units: Offshore Supply Vessels, Offshore Accommodation, Transportation & Installation, and Harbor Services, saw its third-quarter revenue dip eight percent to $73,3 million, from last year third quarter’s $79.7 million.

Higher revenue from the OSV, Transportation & Installation, and Harbour Services & Emergency Response (“HSER”) segments were offset by lower contribution from Offshore Accommodation, POSH said.

Net loss attributable to equity holders of POSH was $40.4 million, compared to a $5.3 million loss in Q3 2018.

“[The loss] mainly due to a one-time, noncash impairment of US$25.4 million and US$14.4 million made respectively for its investments in and loan to the Group’s POSH Terasea joint venture,” POSH said.

Offshore Energy Today Staff

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