As a leading offshore marine player, POSH is continually looking to expand its scope of services to meet the dynamic needs of the offshore marine industry. In 2018, we expanded into the subsea space, leveraging off our diversified fleet to provide clients with an integrated suite of subsea services. These include support for subsea Inspection, Maintenance and Repair ("IMR"), and construction and installation works.
Shortly after its establishment, POSH Subsea was awarded its maiden to support the construction and installation works for a pipeline replacement project for a National Oil and Gas company off the west coast of India. The project was supported by PW Natuna - an accommodation barge that was re-purposed into a Dive Support Vessel ("DSV") for the job - and two Anchor Handling Tugs, Maritime Putri and Maritime Putra.
Equipped with advanced saturation ("SAT") and air dive systems as well as a Remote Operated Vehicle ("ROV"), PW Natuna operates as an installation vessel that allows subsea installation works in depths of up to 100 metres. The SAT system allows divers to work for up to 28 days by housing them in chambers pressurised to the depth of the worksite. A separate pressurised chamber is then deployed to transport them to and from the site.
In the first quarter of 2019, we clinched our second contract for POSH Subsea with a leading global integrated oil and gas services company. This contract is for spool installation and pipeline crossing works for a pipeline replacement project off the west coast of India.
As we continue to meet our clients' needs with our quality offerings, we hope that these service contracts are the first of many to come for POSH Subsea.
At POSH, we believe that every employee should feel a sense of belonging to the community.
On 10 November 2018, we held our annual Charity Walk at Gardens by the Bay East, which gathered POSH and our sister company Pacific Carriers Limited ("PCL") employees as well as their family members and friends from our charity partners - SUN-DAC and CARE Singapore. PCL is a leading dry bulk operator and wholly-owned subsidiary of our parent company Kuok (Singapore) Limited.
The theme for the year was "Walk and Play for Charity 2018", aimed at creating a platform for all participants to interact meaningfully and have fun together.
We are proud to have raised a total of S$158,000 in support of SUN-DAC and CARE Singapore, KSL Changemakers' nominated charity partner. Unlike previous years, the 3-kilometre walk culminated in our first ever carnival filled with food, drinks and games. Together with CARE Singapore students, our employees helped to man the game stands, while SUN-DAC held an exhibition of the beautiful artworks done by their clients.
We would like to extend our gratitude to our friends, families, colleagues, vendors and charity partners for their unwavering support throughout the course of the planning and execution of this year's Charity Walk. It was a truly memorable event and we look forward to seeing everyone again next year!
In October 2018, our anchor handling tug supply vessel ("AHTS") POSH Defender supported the complex transportation of topside and boat-landing from the Ocean Might Yard in Kuching, Malaysia, to the D28 oil field approximately 172 nautical miles off Kuching, marking one of the biggest loadouts of its kind in our industry.
The project tested the mettle of our crew and we executed the project successfully, supporting our clients' business needs.
One unique aspect of the loadout was the sheer weight involved. The total weight of the deck cargo loaded onboard was 446 metric tonnes ("MT"), a heavier than usual load.
The topside and grillage were loaded onto the extreme left of the vessel, which was required to hold dynamic positioning ("DP") approximately two metres from the installation during the offloading of the topside. To ensure that POSH Defender was up to the task, we had to carefully manage the stability calculations involved with the loading of such a massive weight, while taking into consideration the sheer size of the topside.
The concerns were that the heavy load at the extreme ends of POSH Defender might lead to high bending stresses mid-ship. Based on the stability calculations, POSH had to ensure all stability criteria and bending moments for loadout and transportation were within the permissible limits. We refined this multiple times with our client for more than a month to ensure full compliance with International Maritime Organisation Class & Marine Warranty Surveying ("MWS") requirements.
Besides weight and size considerations, we also had to abide by five different inspections - Offshore Vessel Inspection Database ("OVID"), Offshore Support Vessel Inspection System ("OSVIS"), MWS, 2H Offshore and PETRONAS - for the release of the Green Letter to close the punch list.
Managing this massive project seamlessly, safely and completing it on schedule without issue was a major achievement by the team. This speaks to our operational excellence, high standards of service and safety as well as steadfast reliability which we always strive to achieve.
POSH announced its entry into the Taiwan offshore renewables sector in July, through a joint venture with Kerry TJ Logistics ("Kerry TJ"). This joint venture aims to provide a one-stop solutions platform for offshore wind farm developers, EPCI contractors and wind turbine manufacturers.
Within its first month, the joint venture, named POSH Kerry Renewables ("POSH Kerry"), won its first contract. It will provide anchor handling, supply and standby support for an international geotechnical services operator during the site survey, installation and construction of an offshore wind farm. Work has since commenced off the coast of Guanyin, and may potentially include other sites in Yunlin and Taoyuan-HsinChu.
POSH Kerry also secured Rolls-Royce, Macquarie Capital and Swancor as strategic partners to jointly explore collaboration opportunities and develop tailored solutions for this growing sector. POSH Kerry will also be working with Seagreen Enterprise, Taiwan-based marine and towage operator, to recruit, train and build up a pipeline of Taiwanese crew.
This is the first time that two major players in their respective fields have integrated supply chain and marine solutions on a single platform that can support the entire offshore renewables project life cycle. POSH brings specialised offshore marine expertise and a modern fleet of vessels readily transferable to offshore wind operations, while Kerry TJ - as Taiwan's largest logistics provider - has an extensive local network and in-depth market knowledge to help clients navigate the local operating landscape.
We are confident that POSH Kerry's comprehensive suite of services will be an accretive and complementary addition to the POSH Group's portfolio, and will work hard to deliver results for our clients and partners.
As a testament to the trust our clients have placed in us, semi-submersible accommodation vessel ("SSAV") POSH Xanadu was awarded a second charter with oil and gas major Petrobras.
The 750-pax POSH Xanadu will be supporting Petrobras' production activities in the Campos Basin, right after she completes her current job at the Chevron Big Foot Tension Leg Platform in the U.S. Gulf of Mexico. The firm contract with Petrobras is for eight months, with an option for an additional eight-month extension.
This is the second charter POSH Xanadu has won from Petrobras, having supported the company between 2015 and 2016, also in the Campos Basin. During that time, she received many accolades including achieving zero lost-time injury and close to 100% gangway connectivity, even in the face of harsh conditions at sea. POSH Xanadu has been maintaining the same operational records for the Chevron project as well.
Together with her sister vessel POSH Arcadia, our two state-of-the-art DP3 SSAVs are the world's largest of their class. Designed for deep waters and harsh operating environments, they are equipped with industry-leading safety and comfort features, enabling "walk-to-work" solutions for offshore personnel. These include ample deck space for work, quality accommodation, catering and recreational facilities, as well as connectivity through video conferencing capabilities and WiFi on board.
Petrobras awarding this contract to POSH for a second time is truly a testament to our differentiated operational expertise, high standards of service and safety, and steadfast reliability. This will also further cement POSH's operational footprint in the Americas.
Two of our vessels, the POSH Elegance and POSH Commander, were recently chartered to Brunei as the South East Asian country started to see an uptick in activity.
POSH Elegance, the Multi-Purpose Supply Vessel ("MPSV") from our Offshore Accommodation ("OA") division, has been providing accommodation support and walk-to-work solutions for front-end engineering design contractor Amec Foster Wheeler since May 2018, with an expected charter duration of more than 200 days. Amec Foster Wheeler was awarded a contract by Brunei Shell Petroleum Sdn Bhd for the rejuvenation of assets in Brunei which will run for at least five years from March 2017; and POSH Elegance is equipped with a motion-compensated gangway and crane to support the scope of work.
Meanwhile, our 2,00TBP Anchor Handling Tug Supply ("AHTS") POSH Commander from the Offshore Support Vessel ("OSV") division has been chartered to support the Rapong Exploration Drilling Campaign at Block A, offshore Brunei. The charter includes anchor handling duties for the ultra-deepwater semi-submersible offshore drilling rig Deepwater Nautilus and commencing July 2018 and expected to end in Q1 2019.
These various charters are built on previous projects that we executed, including anchor handling duties for the jack-up rig "West Castor" in 2014 and supporting coil tubing unit operations from March 2015 to September 2016.
Moving forward, POSH will build upon its track record and established reputation to continue pursuing opportunities in this key growth market.
