POSH Finds Work for Eight OSVs in Middle East

Offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has signed long term charter agreements for eight offshore supply vessels (OSVs) at a combined value of USD 167.5 million with an undisclosed Saudi Arabian national oil and gas major.

Under the charter deals, the company 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.

POSH said that the charters will commence following delivery, with vessels to be handed over to the client starting from December 2016.

The contracts awarded are an addition to the earlier charter deals signed for four newbuilds in February 2016. These four vessels will start operations from the first quarter of 2017. The first three ships are expected to be delivered during the first half of 2017, while the fourth vessel is scheduled for delivery in June the same year.

“We are pleased to have been awarded 8 more vessel contracts in the Middle East. This further validates our strategy to pursue pockets of growth in key markets that exist despite the challenging industry conditions,” Chief Executive Officer of POSH, Captain Gerald Seow, said.

POSH further said that these contracts 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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