Posh gets work for five vessels in the Middle East

Singapore-based offshore marine services provider PACC Offshore Services Holdings (Posh) has announced new long-term charters for five vessels to Middle Eastern companies worth around $85m.

Four newbuild utility vessels are being chartered by a Saudi Arabian national oil and gas major to support its offshore maintenance work in the Persian Gulf. The charters will commence progressively from the first quarter of 2017, and are for a firm period of five years with options available.

Posh has also secured a five year contract, commencing in the first quarter of 2016, for an anchor handling tug supply vessel with a Qatari client.

Gerald Seow, CEO of Posh, commented: “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. We remain focused on differentiating POSH by continuing to deliver world-class service to meet the diverse needs of our customers.”

Last month, Posh expanded into the Middle East by establishing POSH Saudi Company, a joint venture with its local partner in Saudi Arabia, Hmood Al-Khalaf Group.