Singapore's POSH Forms JV with Saudi Arabia's Hmood Al-Khalaf Group
PACC Offshore Services Holdings Ltd. (POSH or the Group), an offshore marine services provider, disclosed Friday it has entered into a joint venture (JV) and incorporated “POSH Saudi Company” with Saudi Arabia’s Hmood Al-Khalaf Group as part of its plans to expand its presence in the Middle East.
POSH Saudi Company is majority owned by POSH.
This expansion into the Middle East is in line with the Group’s strategy to further penetrate the Persian Gulf, which has been identified as a key growth market amid ongoing global volatility in the Oil and Gas (O&G) sector. POSH already has several vessels, including Platform Supply Vessels and Light Construction Accommodation Vessels, on long-term charters operating with a Saudi Arabian national oil company. Through the new JV, POSH will further increase its investments and operations in Saudi Arabia.
As part of the JV, both partners will leverage their respective strengths: POSH for its operational expertise, diverse fleet and strong track record in the offshore services industry, and Hmood Al-Khalaf Group for its extensive business networks in the Middle East and expertise in agriculture and transportation.
The Hmood Al-Khalaf Group, led by Sheikh Hmood Al Ali AlKhalaf, is one of Saudi Arabia’s largest agribusiness and marine transportation players, with extensive business interests and investments across the country, the Middle East and in Australasia. The Hmood Al-Khalaf Group is also a leading owner, operator and charterer of livestock carriers to serve its expansive geographical footprint. Its marine transportation network includes one of the world’s largest livestock carriers with approximately 236,806 square feet (22,000 square meters) of livestock capacity, which was a 2,300 TEU (Twenty-Foot Equivalent Units) container ship that was converted for livestock use by PaxOcean Group, a POSH sister company.
POSH Chief Executive Officer Gerald Seow said: “This exciting milestone underscores our long-term commitment to operating in the Middle East. The region offers substantial growth opportunities despite the challenges faced by the O&G industry globally.”
“Since we signalled our intention to penetrate the region in April, we have deployed two more vessels to the Persian Gulf. With the experience and extensive network of Sheikh Hmood Al Ali AlKhalaf and the Al-Khalaf Group, we are confident of further accelerating our growth in the region and cementing our presence in Saudi Arabia.”
Hmood Al-Khalaf Group Founder Sheikh Hmood Al Ali AlKhalaf said: “We are pleased to partner with POSH to provide enhanced offshore marine services in the region. With our joint strengths and expertise, we will be able to generate synergies to undertake more complex projects to the benefit of all parties.”
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Company: Hmood Al-Khalaf Group more info
- Singapore's POSH Forms JV with Saudi Arabia's Hmood Al-Khalaf Group (Jan 11)