Offshore marine services provider, PACC Offshore Services Holdings Ltd. (POSH) has secured long term charters for eight offshore supply vessels, with a combined value of approximately $167.5 million, with “a Middle Eastern national oil company”.
POSH will supply anchor-handling, supply and safety standby vessels, six of which will be newbuilds. The vessels, on a firm five-year charter with two one-year extension options, will support the national oil company’s operations in the Arabian Gulf. The charters will commence progressively following delivery, with vessels to be handed over to the client from December.
POSH Chief Executive Officer, Gerald Seow, said in a company statement:
“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.
“We will continue to differentiate ourselves and focus on maintaining and improving our best-in-class service to our clients across the offshore marine value chain. We are grateful that our client continues to place their trust in us.”
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