POSH AHTSs win more work in the Middle East

Eight vessels owned by PACC Offshore Services Holdings (POSH) have won contracts worth a combined $167.5m from an unnamed Middle Eastern national oil company for operations in the Arabian Gulf.

The Singapore-listed company will supply eight anchor-handling supply and safety standby vessels (AHTSs), of which six will be newbuildings, to the client on firm five-year charters, which include two one-year extension options.

The vessels will commence their respective contracts upon delivery starting from December this year.

In February, the same Middle Eastern company signed new long-term charters worth around $85m for five POSH offshore vessels.

“We are pleased to have been awarded eight 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,” Captain Gerald Seow, CEO of POSH, said in a release today.