POSH Terasea Forms World’s Largest and Youngest Fleet

Press Release
Wednesday, March 06, 2013

PACC Offshore Services Holdings (POSH), through its EPIC division, has announced the formation of a joint venture company POSH Terasea Pte Ltd with Terasea Pte Ltd (Terasea).

 

POSH will contribute to the JV a fleet of five specialized Anchor Handlers (12000BHP to 13500BHP) while Terasea contributes four units of newbuilding modern deepwater 16000BHP Anchor Handlers, to be delivered successively over the next 11 months. With this merger, Posh Terasea will operate the largest and youngest fleet of vessels for the ocean towage market.


Mr Scott Lindsay, Chairman of Terasea announced: “Terasea is pleased to form this JV with POSH. POSH EPIC division, with its experienced crew and management team, is arguably the world leader in FPSO towage and positioning; with an unparallelled track record, for its safety standards and timely deliveries. POSH’s track records include the towage and hook-up of the world’s largest FPSOs, including FPSO Hai Yang Shi You 117, FPSO Kizomba A & B, and FPSO Agbami. The new vessels will further cement its position as the market leader.”


“The JV will reap much synergy from its shareholders and leverage on the global networks of both POSH and Terasea. With an expanded fleet of nine specialized vessels operating globally, the JV is able to offer its customers greater reliability. In addition, the JV operates vessels of 3 different categories of bollard pull, and this will provide our customers greater flexibility in configuring their bollard pull requirement.” said Mr Peter Lee, CEO of Terasea.


POSH Terasea will be led by its President & Director Mr Eric Ng, who is the director of the POSH EPIC division. Mr Eric Ng, has more than 30 years of experience in the offshore oil and gas industry. Mr Eric Ng said “Oil majors are demanding higher safety standards, as well as younger and more powerful vessels. The addition of four additional 16000BHP newbuild into the fleet is a testament of our commitment to continuously upgrade our fleet to meet the increasing demands of the oil and gas industry.”

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Workboats

Pair of ASD Tugboats Delivered to Keppel-Smit

The ASD tugs KST Passion and KST Pride were were delivered to their owner, Keppel-Smit Towage Pte. Ltd of Singapore in October 2014. The two vessels are the first

Ice to Close Upper Mississippi from Nov. 20

The shipping season on the upper Mississippi River will end on Thursday as ice surrounding locks and dams near Minnesota's Twin Cities forced the earliest winter

RSC Bio Solutions: SVGP Compliant Fluids & Cleaners

RSC Bio Solutions said that its EnviroLogic Environmentally Acceptable Lubricants (EALs), including hydraulic, stern tube and thruster oils, and SAFECARE cleaners

Mergers & Acquisitions

Fulcrum Buys BMT Snyek Technologies

BMT Group announced the sale of BMT Syntek Technologies Inc to Fulcrum Corporation. Fulcrum Corporation, based in Arlington, VA., providies customized services

BEST Readies for Mega Ships

Hutchison Port Holdings Limited (HPH) subsidiary Barcelona Europe South Terminal (BEST), located at the Port of Barcelona, today held a ceremony for the arrival of three new Quay Cranes (QCs),

COSL Takes Delivery of New Semisub

China Oilfield Services Limited saw successful delivery of the deepwater semi-submersible drilling rig COSLProspector it invested in and commissioned to build in Yantai, Shandong today.

Offshore Energy

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3291 sec (3 req/sec)