Pacc Offshore Services Holdings News

Singapore-based offshore energy services provider PACC Offshore Services Holdings (“POSH”) has agreed to buy the 119-meter long, DP-3 offshore construction vessel ‘BOA Deep C’ from Norway's BOA OCV AS. The vessel will be renamed ‘POSH Deep C’ and will join the POSH fleet in October 2022. POSH said the addition of the multipurpose Offshore Construction Vessel (“OCV”), built in 2003, was part of its strategy to increase its service offerings. The financial details were not disclosed."The OCV’s versatility will complement the existing fleet with capabilities including subsea installation works and turnkey towage and installation services for the floating offshore wind and energy sector…

Singapore-listed offshore services provider Marco Polo Marine has completed the acquisition of the offshore renewables service firm PKR Offshore.Marco Polo bought the Taiwan-based company through its 49% owned joint venture company, Oceanic Crown Offshore Marine Services Ltd, through the completion of its previously announced share purchase agreement with Kerry and POSH.PKR was part of the POSH Kerry Renewables joint venture, a service provider for the offshore renewables sector that offers a suite of services across the entire life cycle of offshore wind projects. "The completion of the acquisition of [PKR Offshore ] is expected to…

PACC Offshore Services Holdings (“POSH”), a Singapore-based offshore marine services provider, said Friday it would be will be shifting its push into renewables away from operational support in the fixed wind market into the development of the fast-growing floating wind market.As such, the company said it had has divested its Taiwan-based POSH Kerry Renewables Joint Venture (“JV”). POSH entered into a share purchase agreement with Oceanic Crown Offshore Marine Services Ltd, the joint venture arm of Marco Polo Marine Ltd, to sell its entire share capital of PKR Offshore Co. Ltd. (“PKRO”)."POSH Kerry Renewables has been servicing the offshore renewables market in Taiwan since 2018.

Classification society ABS has published guidance on the application of additive manufacturing (AM) in the marine and offshore industries.The ABS Guide for Additive Manufacturing focuses on two main categories of metal AM processes: Powder Bed Fusion and Directed Energy Deposition. The Guide defines the ABS approval and certification process for AM facilities and AM parts by providing standards for AM design, feedstock material, building processes, inspection and testing. The Guide includes a strong focus on the quality of the materials and of the manufacturing process…

Offshore marine services provider PACC Offshore Services Holdings' (POSH) accommodation vessel has been designated by the Maritime and Port Authority of Singapore (“MPA”) to support crew changes for cargo ships calling in Singapore.To date, MPA has approved about 6,000 crew changes for cargo ships since 27 March 2020. For crew change applications made from 19 June 2020, MPA has designated two facilities - including POSH's accommodation unit - to accommodate crew who are unable to transfer directly to his/her vessel or flight and require a temporary rest area of up to 48 hours.

When discussing the arrival of autonomous workboats, many – especially those developing the technologies that enable them – say it’s is not a matter of if, but when. In fact, autonomous harbor tugs are already being put to the test in Singapore, where authorities hope to establish the technological infrastructure to enable fully autonomous ship operations. In the U.S., an autonomous vessel was shown to be able to respond to marine oil spills.But is autonomy really the future?

The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively, POSH said in a statement.“The offer presents shareholders with a unique cash exit opportunity to realize their entire investment in POSH at an attractive premium over prevailing trading prices,” Quetzal Capital said in a filing to SGX.

PACC Offshore Services Holdings (POSH), an Asian operator of offshore support vessels, with a diversified fleet servicing offshore oil and gas E&P activities,  said its joint venture, POSH Terasea (PTPL) would be voluntarily liquidated by creditors after it defaulted on a facility with an outstanding amount of around US$27.6 million.POSH said the maximum potential financial impact arising from the liquidation will be up to $42m and no material impact to its operating cash flow is expected.PTPL is 50 percent-owned by POSH and 50 percent-owned by Terasea, which itself is a 50:50 joint venture between Ezion and Seabridge Marine Services.Independent of PTPL…

Singapore-listed operator of offshore support vessels PACC Offshore Services Holdings (POSH) has agreed to acquire the 50 per cent stake held by Sembcorp Marine (SMM) in harbour services provider Pacific Workboats Pte Ltd (PWPL) for over US$679,400 in cash.PWPL is a 50:50 joint venture between POSH and Dolphin Shipping Company, a 100% owned subsidiary of Sembcorp Marine Limited. The 50% stake actually belongs to Dolphin. PWPL offers harbour services in Singapore and across the region.The Acquisition is expected to complete by end 2019, following which PWPL will cease to be a joint venture of POSH and will become a wholly-owned subsidiary of POSH…

Singapore-based offshore marine services provider PACC Offshore Services Holdings Ltd (POSH) and the maritime logistics solutions provider Pacific Carriers Limited (PCL) have selected ABS Nautical Systems  (NS) fleet management software to support their digitalization strategy.Both PCL and POSH are part of Kuok Singapore Limited (KSL) Maritime Group of companies, with competencies extending across offshore marine services, commercial shipping and marine engineering. Both POSH and PCL operate a combined fleet of 245 vessels including tankers, bulkers as well as offshore support vessels.The deal is for multiple NS modules to support the digitalization of workflows including fleet maintenance, purchasing and compliance.

Lee Keng Lin will take over as the new CEO and executive director of Singapore based offshore services provider PACC Offshore Services Holdings (POSH) following the retirement of Gerald Seow Kang Hoe, effective May 1.Lee, who is currently the group's deputy CEO, has more than 10 years of experience in the offshore marine industry and has been with the company since 2007.

Offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has reaffirmed its working relationship with GAC Angola by renewing its ship agency contract for Soyo and Luanda and extending the agreement to include Cabinda.Under the deal, GAC now provides an integrated range of services for the POSH fleet at all Angolan ports, including crew handling, spares clearance and delivery, bunker fuels and inward/outward clearance of vessels.Kelvin Teo, POSH Director Offshore Supply Vessels…

Malaysian Bulk Carriers Bhd (Maybulk) plans to sell its entire 21.23% stake in Singapore-listed PACC Offshore Services Holdings Ltd (POSH) to its own shareholders, reported The Star. According to the report, Maybulk seeks to raise cash to pay for new vessels and cut down its debts. It also seeks to raise funds to strengthen its future operations in the dry bulk sector. Maybulk said the proposed disposal will enable the group to focus on its core business activity in the dry bulk sector. POSH is involved in offshore marine support services. Kuok (Singapore) Ltd is its largest shareholder with a 60.3% stake. The stake will be sold to its shareholders via a renounceable restricted offer for sale (ROS) exercise involving up to 386.39 million POSH shares, said a report.

Two Azistern 3270 tugs designed by Offshore Ship Designers (OSD) have been delivered to their new owner, PACC Offshore Services Holdings Limited (POSH Singapore), the Asia-based international offshore support vessel operator.   Posh Husky and Posh Hardy were built at Paxocean Shipyard in Singapore. They are classed by Bureau Veritas, and fly the Singapore flag. The 488 gt vessels have a LOA of 31.62 m, a bollard poll of 72 tonnes, and a maximum speed of 13 knots. They can accommodate 10 crew members in six single and two twin-berth cabins.

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied natural gas facility using its semi-submersible accommodation vessel the “POSH Arcadia”. The 750-pax POSH Arcadia will be deployed to provide accommodation support for the hook-up and commissioning phase of the Shell Prelude FLNG Project in the Browse Basin, off the north-west coast of Western Australia. This is POSH’s second contract for the Prelude FLNG Project. In January 2016, the POSH Terasea joint venture, comprising POSH and Terasea Pte. Ltd., was appointed to provide towage and positioning services for the facility.

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of companies that help preserve equipment and provide security for vessels parked around southeast Asia are busier than they have been for years. A popular lay-up anchorage near Indonesia's Batam island, a short hop from Singapore, is growing crowded, and firms such as Ocean Shipcare and Brubay Shipcare are running out of space at another at Brunei Bay, near Labuan, off northern Borneo. "Where do we go next? It's a good question, because we are trying to explore some other areas also," said Kanen Senasendram, base manager at Ocean Shipcare, which operates in Brunei Bay. He says he may need to hire more staff.

Offshore marine services provider PACC Offshore Services Holdings (POSH) has plunged into the red in 2015 due mainly to a huge impairment charge of $144.58m. The group reported yesterday a net loss of US$149.7 million (S$211 million) for the three months to Dec 31, up on the net loss of US$9.96 million in the same period a year ago. The loss was blamed on impairments, write-offs and gain from disposal amounting to $144.58m. Excluding the impairments in 2015 and gains from vessels disposal in 2014, POSH would have recorded a net operating profit of $13.62m, up 40% from $9.73m in 2014. Posh logged a net loss of US$131 million for the full year, a reversal from the net profit of US$53.2 million previously, while revenue rose 20 percent to US$280.8 million.

Malaysian Bulk Carriers Bhd (Maybulk) is forecasting significant losses for the fourth quarter of 2015 and the financial year ended December 31, 2015 amid depressed market condition. Maybulk, which operates the country’s largest fleet of dry bulk vessels used for international shipping, expects to record “a substantial loss” for the fourth quarter (Q4) ended Dec 31, 2015, and for the 2015 financial year (FY15). In a filing with Bursa Malaysia last Friday, Maybulk said the anticipated substantial loss is mainly attributable to provisions for onerous contracts and impairment of investment in associate company PACC Offshore Services Holdings Ltd (POSH). "The dry bulk market continues to be weak and it is uncertain when the market will recover," it said in the filing.

POSH Xanadu, the first of a new generation of DP3 Semisubmersible Accommodation Vessels (SSAV) for PACC Offshore Services Holdings Limited (POSH), was delivered to Singapore on December 22, 2014, directly embarking on her maiden contract in Brazil with Petrobras for a firm one year charter. Her sister vessel, POSH Arcadia, is expected to be delivered in the first quarter of 2015. POSH Xanadu and POSH Arcadia, are both classed by DNV. The DNV Comfort Class V(2) C(3) certification means low levels of vibration and noise and a controlled climate.

PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400 million. The two cornerstone investors would take up 85.6 million shares, according to the company's preliminary prospectus. POSH operates a fleet serving offshore oilfields in Asia, Africa and Latin America. Singapore is home to the world's two biggest rig builders, Keppel Corp Ltd and Sembcorp Marine Ltd, as well as smaller oil services companies such as Ezion Holdings Ltd. The sources declined to be identified because the information has not been made public.

This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a Singapore IPO - a boost to the city-state's stock market which has seen just one other mainboard listing this year. The deal from PACC Offshore Services Holdings (POSH), the largest Asia-based international operator of support vessels for offshore oilfields, comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.

PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said. Underwriters have recommended POSH to price the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option. The final price needs to be approved by the company or the company's board, the sources added. The sources declined to be named, while the company was not immediately available for a comment.

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, the company said on Thursday. The deal comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors. POSH priced the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, it said in its prospectus.