POSH lands new deals for five vessels in Middle East
- Business & Finance
Offshore marine services provider, PACC Offshore Services Holdings Ltd. (POSH), has secured long-term charters for five vessels in the Middle East with a combined contract value of approximately $85 million.
The first contract is for the group to supply four new utility vessels to the specific requirements of a Saudi Arabian national oil and gas major, primarily to support its offshore maintenance work in the Persian Gulf. The four newbuild vessels will be chartered for a firm period of five years, with options to extend.
The charters will start progressively from the first quarter of 2017, with the first three vessels to be delivered over the first half of 2017, and the fourth vessel to be delivered in June the same year.
The second contract won is for one of the group’s Anchor Handling, Towing and Supply (AHTS) vessels for a Qatari client in the Middle East. Under this contract, the vessel will be chartered for a firm period of five years from the first quarter of 2016.
Chief Executive Officer of POSH, Captain Gerald Seow, said, “We are excited to announce new contract wins in the Middle East, which includes additional charters with the Saudi Arabian national oil and gas major. This validates our strategy to diversify into key growth markets and business segments amid ongoing challenges in the industry.”
The offshore service provider recently posted 29% growth in revenues for 4Q 2015, when compared to 4Q 2014, primarily due to growth in the offshore accommodation business.