POSH Bags $81M Accommodation Vessel Contract from Petrobras

Singapore's PACC Offshore Services Holdings Ltd. (POSH) announced Thursday that it has secured a charter contract worth approximately $80.5 million for its semisubmersible accommodation vessel (SSAV), the “POSH XANADU”, for use by Petrobras, (the Brazilian National Oil Company) to support its oil and gas production activities in the Campos Basin offshore Brazil.

Petrobras will charter the “POSH XANADU” for one year, beginning around December 2014 and has an option to extend the charter by another year. In the event the charter period is extended, the total contract value will be in excess of $144 million.

Gerald Seow, CEO of POSH said, “This contract was awarded after a stringent assessment by Petrobras on the operating capabilities of the “POSH XANADU”. It confirms the capability of our SSAV design to meet the operating requirements of deepwater oil field operations around the world and reaffirms the strong demand in the deepwater
accommodation sector.”

The “POSH XANADU” is a high capacity and high specification 750-berth DP3 Floatel. It is designed to offer the highest levels of safety, comfort, and welfare facility to the offshore oil field workers, enabling them to walk to work, rest, and enjoy first-class catering and recreational facilities on board and a safe habitat in case of emergencies.

Other facilities on board include large conference rooms, client offices with modern workstations, workshops, warehousing facilities, and 2 large offshore cranes of up to 300 tons safe working load.

“POSH XANADU” is additionally certified by Det Norske Veritas, a Norwegian classification society, with “CLEAN, Comfort Class” notation, denoting that she complies with strict noise and vibration control requirements for crew comfort, and meets high environmental emission standards. When delivered by end 2014, together with its sister vessel, the “POSH ARCADIA,” POSH will operate the youngest high-berth accommodation vessel fleet.