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.
POSH is aware that its former vessel, the Winposh Rampart, has been found drifting in Malaysian waters by the Malaysian authorities and is now in a safe location. To clarify, the offshore support vessel in question does not belong to POSH and was sold in 2021 to another company. POSH nevertheless remains fully committed to assisting and cooperating with authorities in their investigations.
In response to restricted movements, travel bans, office closures, and limits to gathering in large groups to curb the spread of COVID-19, many companies had to fast-track their digital transformation to ensure that business can go on as usual.
At POSH, we had started digitising our backend functions as part of our commitment to make our operations even more efficient for our customers before the crisis hit. This enabled us to transition to working remotely very quickly. From our first-ever virtual global meeting in March to regular virtual meetings and teleconferences over the subsequent months, our digital-ready ecosystem was able to fully support our employees, customers, and operations for the new normal of work.
For example, movement controls meant that our usual management vessel visits had to go virtual. These crucial check-ins with our crew and cadets are highly necessary to stay connected, better understand their experiences, and keep them updated on pertinent developments on POSH. Now more than ever, as many offshore have to spend extended periods out at sea, our ability to continue "meeting" with them online is essential to safeguarding their welfare and well-being, and maintaining our relationships with each other.
In collaboration with Lloyd's Register and the Maritime and Port Authority of Singapore (MPA), POSH also completed a fully remote internal audit onboard our AHTS, POSH Champion - a first for Lloyd's Register and POSH. Conducted entirely over Microsoft Teams in just three days, all parties involved expressed their satisfaction with the effectiveness, efficiency and overall integrity of the process.
Collaborating with Lloyd's Register and Maritime and Port Authority of Singapore on our first remote internal audit onboard POSH Champion
Amid this pandemic, companies have come to realise that aspects of their business can, and should, be digitalised - not only to increase productivity or reduce costs but also help maintain the human element of our relationships. The impetus of going digital has never been stronger and POSH looks forward to taking on more exciting, new opportunities.
Innovation is part of our DNA at POSH.
We embrace it with the aim of improving the lives of our employees and crew, and as part of our growth strategy to cater to evolving needs of our customers globally. Last year, we successfully took part in several groundbreaking initiatives as part of our innovation roadmap.
A taste of the future: Shore-to-ship drone deliveries for food
In August, we took to the skies with foodpanda and ST Engineering. Drones were deployed to deliver five packets of Ayam Penyet ("smashed" fried chicken) from Marina South Pier to our crew onboard POSH Bawean in under ten minutes. The exercise brought great joy to our crew as they got a taste of home and we all caught a glimpse into the possible reality of on-demand food delivery to vessels by drone.
Using drones for delivery, instead of launch boats, can reduce costs and make it possible to deliver items to less accessible locations - such as offshore vessels at sea. POSH is actively studying the usage of drones as part of our innovation roadmap, and we are glad to have been part of this ground-breaking flight.
Underwater robotics: A safer and faster way to conduct vessel inspections
In July, we successfully trialled the deployment of a customised underwater drone, or more commonly known as a Remotely Operated Vehicle ("ROV"), with Avetics Global for an inspection of the hull of POSH Bawean.
Underwater inspection of vessels is important for many reasons; but so is safety. Through the smart integration of robotics and software, these ROVs can support the initial stages of maintenance projects and identify potential issues without divers, making the process more efficient and safer.
SMAV: Laying the foundation for autonomous vessels
In April, we partnered with ST Engineering on sea trials of autonomous vessel technology on our harbour tug, POSH Harvest. As part of ST Engineering's Smart Maritime Autonomous Vessel (SMAV) project tests, we tested the vessel's ability for autonomous navigation, remote control and other technologies.
Trials were conducted in varying scenarios and at speeds up to 8.5 knots, while POSH Harvest was in autonomous waypoint navigation mode. Testing of the autonomous vessel technology was also performed onshore prior to the trials.
The collision prevention and autonomous waypoint navigation use artificial intelligence algorithms in line with IMO's international collision avoidance regulations (COLREGS) in overtaking, head-on and route crossing - meaning the vessel can detect hazards and change its route accordingly.
With such trials underway, fully operating a vessel without crew may become a reality. As with other autonomous applications, the goal next is to enhance operations in a safer, faster and more cost-effective manner. We are glad to be furthering these efforts that can break new ground for our sector.
The power of innovation and collaboration
While there is still much work to be done, these successful trials speak to the power of innovation and collaborations in driving sector transformation. Now more than ever, amid our challenging backdrop, innovation is essential and POSH will continue to explore with like-minded partners both within and beyond our sector to reimagine what is possible for our people, partners and customers.
Here’s #POSHGaya – all ready and decked out for her work in Taiwan!
She recently completed her modifications in Singapore and has reached Taiwan for her upcoming job as a guard vessel to an international wind farm developer.
Thank you to our team and all our partners who delivered safely on this task amid the challenges from the pandemic. Safe voyage to all onboard!
#PACCOffshore #POSHGaya #OffshoreMarine #OffshoreVessel #OneTeam
SINGAPORE, 25 September 2020 – Offshore marine services provider, PACC Offshore Services Holdings ("POSH"), today announced that its two flagship offshore accommodation semi-submersible accommodation vessels ("SSAVs") – POSH Arcadia and POSH Xanadu – have secured long-term charters with Petrobras.
Mr Ulva Chai, Managing Director, Offshore Services, POSH, said, "We are proud for POSH to have both flagship SSAVs simultaneously secure long-term charters with Petrobras amid stiff competition. Amid COVID-19, we will work to ensure the health and safety of all involved without compromising our trademark world-class service. We look forward to working with Petrobras again and thank them for their continued trust."
Mr Lee Keng Lin, Chief Executive Officer, POSH, said, "Our repeat wins with Petrobras is especially momentous amid such uncertain times. This further differentiates and solidifies our position within the offshore accommodation space, which remains a major part of our business. These charters will provide the stability to our business in the coming years as we continue to accelerate POSH's transformation to become a future-ready, sustainable solutions provider for the global energy sector."
The two SSAVs will provide maintenance and accommodation support for multiple Petrobras platforms and floating production storage and offloading ("FPSO") vessels in Brazil waters for approximately 3 years, with an option to extend for a further 1.5 years for both vessels.
This is POSH Xanadu's third contract and POSH Arcadia's first with Petrobras. The two vessels have also supported some of the world's leading offshore projects in recent times, including for the Shell Prelude – the largest ever offshore floating facility, Chevron Big Foot Tension Leg Platform project and Shell Gumusut Kakap Turnaround project.
As best-in-class SSAVs, POSH Arcadia and POSH Xanadu are designed for deep waters and harsh operating environments. The two state-of-the-art comfort class DP3 SSAVs are equipped with sophisticated machinery redundancy and platform stability and can each take up to 750 pax, offering a comfortable and safe living environment, first-class crew welfare and "walk-to-work" capabilities to support our clients' requirements.
The vessels are scheduled to commence operations at the start of 2021.
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For further information or to speak to a POSH spokesperson, please contact:
Ms Sandra Benny, POSH, Corporate Affairs and Business Development, +65 9815 5695, sandragrace.benny@paccoffshore.com.sg
Ms Hoong Huifang, WATATAWA Consulting, +65 9128 0762, hhoong@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, offshore renewables and subsea operations.
With a diversified fleet of approximately 100 vessels, our services include towage and installation support, offshore accommodation, construction support, harbour towage, as well as turnkey project management.
Through our POSH Kerry Renewables joint venture, we provide one-stop solutions for the offshore renewables sector, offering a suite of comprehensive services across the entire life cycle of offshore wind projects. POSH also provides an integrated suite of subsea services through POSH Subsea.
APPENDIX: POSH Xanadu at Truinfo port in Rio de Janeiro
