PACC Offshore Services Holdings (“POSH”), a leading specialist offshore marine solutions company, has been awarded a SURF installation contract by a leading Oil & Gas EPC major in the Arabian Gulf.
POSH will deploy its Dynamic Positioning Class 3 (DP-3) multipurpose Offshore Construction Vessel, POSH Deep C, to transport and install Subsea Umbilicals Risers and Flowlines products for several projects which will be executed in the Arabian Gulf.
The contact’s scope includes of miscellaneous pre-lay and post-lay support services, along with the installation of approximately 170 kilometers of Power Cables, Umbilicals and Flexible Flowlines.
Mr. Leonard Kong, Head of Subsea Construction and Installation, said, “The award of this project represents a key achievement and is a testament of our growing partnership with our client. With this milestone, our collaboration has expanded beyond India into the Middle East region, and we are well-positioned to continue to support our client with our high-quality integrated services in the region.”
About PACC Offshore Services Holdings (“POSH”)
PACC Offshore Services Holdings Ltd (“POSH”), part of the Kuok Maritime Group, is a leading offshore and subsea support services company, with over 70 years of experience, across the entire upstream energy lifecycle. Our diverse fleet of vessels allows us to offer safe and efficient turnkey solutions for both the offshore energy and floating wind industries. Committed to value creation, safety, and exceptional service delivery, POSH is a dedicated partner driving growth and sustainability in the offshore energy sector. For more information, please visit www.posh.com.sg or follow us on LinkedIn.
About Kuok Maritime Group
Kuok Maritime Group (“KMG”) includes the PaxOcean Group (PaxOcean), Pacific Carriers Limited (PCL), PACC Offshore Services Holdings (POSH), Pacific Workboats Pte Ltd (PWPL), McPec Marine and Offshore Engineering Pte Ltd (McPEC) and KSL Maritime Ventures (KMV). KMG offers an integrated suite of maritime solutions to businesses globally. It serves the maritime value chain from provision of offshore maritime and subsea support services, shipping and transportation, newbuilding as well as harbour and terminal towage services to supporting start-ups offering technological and innovative solutions to the industry. Visit KMG at https://kuokgroup.com.sg/businesses/#maritime
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PACC Offshore Services Holdings Ltd (POSH)
No 1 Kim Seng Promenade
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SINGAPORE, 18 AUGUST 2022 – Offshore energy services provider, PACC Offshore Services Holdings (“POSH” or the “Company”) has bolstered its service capabilities after signing an agreement to acquire the 119-metre long, DP-3 offshore construction vessel ‘BOA Deep C’ from BOA OCV AS. The vessel will be renamed ‘POSH Deep C’.
The addition of this multipurpose Offshore Construction Vessel (“OCV”) is part of the Company’s strategy to increase its service offerings to its client. 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.
POSH Deep C is capable of executing deep water floaters and mooring installation and removal, installation of offshore floating wind structures and mooring systems; and Subsea Umbilical, Riser, and Flowlines (“SURF”) installation works.
Mr Low Soon Teck, Chief Executive Officer, POSH, said, “The acquisition of this versatile vessel is an important milestone in POSH’s transformation into a future-ready, sustainable solutions provider for the global energy sector. We have a calibrated asset and talent growth plan driven by our continued operational resilience and financial discipline. Our team’s focus on operational excellence and our high quality assets will enable us to safely deliver top notch service to our clients.”
The technical capabilities of ‘POSH Deep C’ include:
‘POSH Deep C’ is set to join the POSH fleet in October 2022.
For further information or to speak to a POSH spokesperson, please contact:
Ms Sandra Benny, WATATAWA Consulting, +65 9815 5695, sbenny@we-watatawa.com
About PACC Offshore Services Holdings (“POSH”)
PACC Offshore Services Holdings (“POSH”), part of the KSL Maritime Group, provides offshore and subsea solutions and support services in the energy and renewables sector.
With a diversified fleet of approximately 70 vessels, our services include Subsea IMR and SURF installation; floating wind transportation and installation, floating production systems transportation and installation; offshore accommodation and support vessels; and harbour towage services.
SINGAPORE, 13 APRIL 2022 – Offshore marine services provider, PACC Offshore Services Holdings (“POSH”), has commenced work on a major subsea installation and construction project off India’s west coast, after securing a contract over US$100 million with its consortium partner Seamec Limited.
POSH, in consortium with Seamec, is providing an integrated suite of subsea services for the seventh development phase of the Oil and Natural Gas Corporation (“ONGC”) Pipeline Replacement Project (“PRP-7”) for engineering, procurement and construction (“EPC”) conglomerate Larsen and Toubro (“L&T”).
POSH will deploy four vessels including the heavy subsea construction and installation vessel POSH Natuna and Dynamic Positioning 2 (“DP2”) Dive Support Vessel (“DSV”) POSH Mallard for the project, which is expected to run until May 2024. POSH will oversee overall project management, integrated scheduling and installation engineering aspects as lead partner of the consortium.
To further bolster its ability to serve the subsea sector, POSH recently repurposed POSH Mallard as a DP2 DSV with ABS Class Notation including integrated Air and Saturation Dive systems, compliant to International Marine and Contractors Association (“IMCA”) and International Oil and Gas Producers (“IOGP”) standards. Having been retrofitted with 300-metre Saturation and Air Dive systems and equipped with a 100T Subsea crane that can work in depths of up to 200 metres, POSH Mallard is now ready to support all forms of subsea work including light to moderate construction, installation as well as inspection, remedial and maintenance (“IRM”) scopes.
Mr Ulva Chai, Chief Operating Officer, POSH, said, “This contract win demonstrates the strong progress made by POSH Subsea in winning and managing offshore projects, having performed numerous similar projects in the past few years. It solidifies our position as a partner of choice in the fast-growing subsea space, which is an area of focus for us. We are also pleased to add POSH Mallard to our subsea-capable fleet. Together, these developments augur well for POSH as we continue to accelerate our transformation to become a future-ready, sustainable solutions provider for the global energy sector.”
Mr Kurush Contractor, Managing Director, POSH Subsea, said, “POSH is pleased to be supporting this phase of ONGC’s PRP-7 project for L&T. We are confident that our quality fleet of vessels, committed team and excellent track record will enable us to deliver on this highly technical job, and many others to come. We will continue to ensure the health and safety of all involved without compromising our brand of providing top-class service for our customers. We look forward to servicing ONGC & L&T and thank them for their continued trust.”
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For further information or to speak to a POSH spokesperson, please contact:
Ms Sandra Benny, WATATAWA Consulting, +65 9815 5695, sbenny@we-watatawa.com
About PACC Offshore Services Holdings (“POSH”)
PACC Offshore Services Holdings (“POSH”) is a leading solutions provider for offshore energy operations. Our key business segments include oil and gas, floating wind and subsea operations.
With a diversified fleet of approximately 70 vessels, our services include towage and installation support, offshore accommodation, construction support, harbour towage, as well as turnkey project management. POSH also provides an integrated suite of subsea services through POSH Subsea.
SINGAPORE, 05 APRIL 2022 – Offshore marine services provider, PACC Offshore Services Holdings (“POSH”), today announced that it will be partnering with mooring and marine service specialist First Marine Solutions (“FMS”) to explore growth opportunities for floating offshore wind in Europe.
The two companies signed a Memorandum of Understanding (“MoU”) to bring together their combined expertise to market. Both POSH and FMS will work together on identifying, developing, and delivering on relevant joint tender opportunities. POSH, with assistance from FMS, will be responsible for the installation of offshore floating wind mooring systems, and FMS will be responsible for designing and subsequently supplying the offshore floating wind mooring systems as the technical authority.
This MoU follows on from POSH’s earlier announcement that it will be focusing on the development of the fast-growing floating wind market.
Mr Ulva Chai, Chief Operating Officer, POSH, said, “POSH continues our transformation to become a future-ready, sustainable solutions provider for the global energy sector. We are pleased to be working with First Marine Solutions to identify opportunities in this fast-growing sector. As specialists in offshore marine solutions, POSH will leverage on our relevant expertise and track record to offer integrated solutions for floating wind turbine projects. These services include planning & engineering, project logistics & management, pre-lay mooring, mobilisation base management, towage and hook up, cable installation, operations & maintenance, and decommissioning.”
Mr Steven Brown, Managing Director, FMS, said, “This agreement with POSH is the next step on our renewables strategy which began two years with the establishment of a dedicated offshore renewables business unit. FMS has designed, supplied and installed mooring systems worldwide for many years for a number of different applications and look forward to bringing our technical expertise, offshore experience and technology to the ever growing floating offshore wind market.”
Offshore wind has the biggest growth potential of any renewable energy technology globally. Currently, offshore wind makes up just 2% of what the world needs to get to net zero by 2050 but is rapidly growing - forecasted to grow by 235 GW of new installed capacity over the next decade1, seven times more than its current size.
For further information or to speak to a POSH spokesperson, please contact:
Ms. Sandra Benny, WATATAWA Consulting, +65 9815 5695, sbenny@we-watatawa.com
To speak to an FMS spokesperson, please contact:
Mr. Paul Crichton, Sales and Marketing Manager, FMS paul.crichton@firstmarinesolutions.com
About PACC Offshore Services Holdings (“POSH”)
PACC Offshore Services Holdings (“POSH”) is a leading solutions provider for offshore energy operations. Our key business segments include oil and gas, floating wind and subsea operations.
With a diversified fleet of approximately 70 vessels, our services include towage and installation support, offshore accommodation, construction support, harbour towage, as well as turnkey project management. POSH also provides an integrated suite of subsea services through POSH Subsea.
About First Marine Solutions (“FMS”)
FMS specialise in temporary and permanent Mooring solutions for floating offshore units. We offer a fully integrated service, from system design and analysis, to equipment supply and management, through to all aspects of the installation operations.
Having one of the most modern fleets of Mooring Equipment anywhere in the world, a dedicated quayside facility in Montrose, Scotland offering efficient vessel mobilisation and a market leading design, engineering and marine support function enables FMS to offer an unparalleled level of service and support to clients whilst also optimising operational and cost efficiencies across the whole project scope.
SINGAPORE, 28 JANUARY 2022 – Offshore marine services provider, PACC Offshore Services Holdings (“POSH”), today announced that it 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, it has divested its Taiwan-based POSH Kerry Renewables Joint Venture (“JV”). POSH entered into a share purchase agreement (“SPA”) 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. With its track record from supporting wind farm projects there, POSH is now actively exploring more accretive opportunities in fast-growing floating wind markets in Asia and Europe.
Mr Low Soon Teck, Acting Chief Executive Officer of POSH, said, “Our strong foundation, access to group-wide assets and expertise in anchor-handling and mooring put us in a good position to explore more accretive opportunities in fast-growing markets in Asia and Europe. This will accelerate POSH’s push into renewables as we transform into a sustainable solutions provider for the global energy sector.”
POSH’s pivot in strategy is in line with latest trends where 16.5GW of floating wind installations are expected by 2030, with South Korea, Japan, Norway, France and the UK likely to be the top five floating markets1. Asia’s slice of the pie is expected to more than double in that time, with an estimated 45% of global market share by 2030.
For further information, please contact: posh@we-watatawa.com
1 GWEC offshore wind installations forecast through 2030 rises 18% on year. IHS Markit. 9 September 2021.
