POSH Xanadu, one of our two Semi-Submersible Accommodation Vessels ("SSAV"), recently commenced a project in the US Gulf of Mexico for an international oil major. Despite being put on an accelerated timeline, POSH Xanadu arrived on site ahead of schedule.
The 750-pax SSAV has maintained uptime amid challenging operating conditions. One of the most recent examples happened in March 2018 when POSH Xanadu was caught in both the Loop Current and Eddy Current. The interaction between the two currents resulted in sharp changes in current speed and direction, making it challenging for any vessel to maintain its position. At the height of this interaction, wave currents hit 2.3 knots, equivalent to 4.3km/h. Yet, with our experienced team at the helm, the state-of-the-art POSH Xanadu driven by nine powerful thrusters managed to maintain her gangway connection and achieve excellent station-keeping.
With our strong technical capability and relentless focus on operational excellence, we continue to challenge ourselves and expand our global footprint to provide our clients with the best service standards.
Loop Current is a horseshoe-shaped feature that flows clockwise, transferring warm ocean currents from the Caribbean Sea through the Yucatan Straits into the Gulf of Mexico. It can reach a maximum flow speed of 6.5km/h.
Eddy Current is the circular motion of water on the surface usually caused by the flow around an obstacle. It can range between 10 and 500 kilometres in diameter and may persist for months. Due to the vigorous circulation associated with them, these currents are known to affect tidal conditions out at sea.
| TAIWAN, 12 JULY 2018 – Offshore marine services provider PACC Offshore Services Holdings Ltd. (“POSH”) and Taiwan-based logistics firm Kerry TJ Logistics (“Kerry TJ”) today announced they will be incorporating a joint venture company POSH Kerry Renewables (“POSH Kerry”) in Taiwan, which aims to provide an integrated solutions platform for offshore wind farm developers, EPCI contractors and wind turbine manufacturers. This is the first time that two major players in their respective fields have integrated supply chain and marine solutions on a single platform capable of supporting the entire offshore renewables project life cycle. Leveraging the capabilities and assets of both companies, POSH Kerry will provide a comprehensive portfolio including the end-to-end transportation of wind turbines and components as well as diversified marine solutions during the installation, operations and maintenance of offshore wind farms in Taiwan. With an established track record for executing complex offshore energy projects requiring stringent operational and safety standards, POSH brings specialised offshore marine expertise and a modern fleet of vessels that are readily transferable to support offshore wind operations. Listed on the Taiwan Stock Exchange, Kerry TJ is Taiwan’s largest logistics provider with an extensive local supply chain network and in-depth market knowledge that will support POSH Kerry’s clients in navigating the evolving local operating landscape. Mr Lee Keng Lin, Deputy Chief Executive Officer of POSH, said, “We are excited to enter the offshore renewables sector with Taiwan’s largest logistics provider Kerry TJ Logistics. Our unique platform will provide clients in the Taiwan offshore renewables sector a comprehensive suite of supply chain and offshore marine solutions that can be configured to meet their specific requirements.” Mr Richard Shen, Chairman, Kerry TJ Logistics, said, “We are glad to be partnering with leading offshore marine operator POSH as they establish their presence in Taiwan. I am confident that our extensive local networks and logistics expertise will support POSH Kerry’s clients in navigating Taiwan’s evolving operating landscape.” POSH Kerry will be joined by other strategic partners who are keen to customise solutions for the Taiwan offshore renewables market. A Memorandum of Understanding (“MOU”) has been signed with Rolls-Royce to explore suitable designs for walk-to-work and Services Operations Vessels (“SOV”) specific to offshore wind operations. The partnership has also gained traction with clients, including a MOU signed with Macquarie Capital and Swancor to jointly explore collaboration opportunities in the Taiwan offshore wind market; as well as support from Enterprise Singapore, the agency championing enterprise development. Mr Ho Chi Bao, Director for Precision Engineering, Marine & Offshore and Engineering Services, Enterprise Singapore, said, “As renewables form an increasing part of the energy mix in Asia, Singapore companies such as POSH can leverage their expertise in operating offshore vessels and project logistics to contribute to wind energy developments. “Enterprise Singapore has been working closely with POSH on its entry into Taiwan through sharing insight into the market landscape and facilitating connections to key business partners. We will continue to facilitate such partnerships to enable Singapore players to offer their solutions and expand into the renewables space.” |
TAIWAN, 24 JULY 2018 – POSH Kerry Renewables (“POSH Kerry”), a joint venture between offshore marine services provider PACC Offshore Services Holdings Ltd. (“POSH”) and Taiwan-based logistics firm Kerry TJ Logistics (“Kerry TJ”), has secured its first contract for the Taiwan offshore renewables market.
Under this contract, POSH Kerry will provide anchor handling, supply and standby support to an international geotechnical services operator during the site survey, installation and construction of an offshore wind farm. The scope of work will begin off the coast of Guanyin and potentially include other sites in Yunlin and Taoyuan-HsinChu. Work is scheduled to commence in Q3 2018.
The Taiwan-based integrated solutions provider also recently signed a Memorandum of Understanding (“MOU”) with local marine and towage company Seagreen Enterprise (“Seagreen”).
This strategic partnership not only further broadens POSH Kerry’s service portfolio, but also supports the Taiwan government’s goal of building up local offshore marine capabilities through the exchange of knowledge and best practices. Under the partnership, Seagreen can leverage POSH’s extensive track record in executing complex offshore marine projects to enhance its operational know-how. Both POSH Kerry and Seagreen will also embark on joint initiatives to recruit, train and build up a pipeline of Taiwanese crew.
SINGAPORE, 24 June 2016 – Offshore marine services provider PACC Offshore Services Holdings Ltd. (“POSH”) today announced that it has been awarded a contract by Technip Oceania Pty Ltd through its subsidiary POSH Semco Pte Ltd, to support Shell’s Prelude floating liquefied natural gas (“FLNG”) facility using its semi-submersible accommodation vessel (“SSAV”) the “POSH Arcadia”.
The 750-pax POSH Arcadia will be deployed to provide accommodation support for the hook-up and commissioning phase of the Shell Prelude FLNG Project in the Browse Basin, off the north-west coast of Western Australia.
This is POSH’s second contract for the Prelude FLNG Project. In January 2016, the POSH Terasea joint venture, comprising POSH and Terasea Pte. Ltd., was appointed to provide towage and positioning services for the facility.
Chief Executive Officer of POSH, Captain Gerald Seow, said: “The contract award for the POSH Arcadia marks our second contract award for Shell’s Prelude FLNG Project. We will continue our focus on ensuring that POSH Arcadia delivers its services efficiently, safely and without incident.”
The POSH Arcadia is POSH’s second state-of-the-art SSAV. The 750-pax DP3 floatel is among the world’s largest SSAVs, designed to offer first class safety and comfort for operations in deep water and harsh environments. It is certified “Clean Comfort Class” by Det Norske Veritas, a leading international certification and classification group, reflecting the high environmental emission standards and stringent noise and vibration control requirements under which the vessel was designed and constructed to meet.
The latest contract award is not expected to have a material impact on the net tangible assets or earnings per share of the Group for the financial year ending 31 December, 2016.
Offshore marine services provider, PACC Offshore Services Holdings Ltd. (“POSH” or “the Group”), today announced it has been awarded long term charters for eight offshore supply vessels with a combined value of approximately US$167.5 million by a Middle Eastern national oil company.
The Group will supply eight Anchor-Handling, Supply and Safety Standby vessels, of which six 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 at the Arabian Gulf. The charters will commence progressively following delivery, with vessels to be handed over to the client starting from December 2016.
The contracts awarded are in addition to the earlier 4 newbuilds awarded in February this year. Chief Executive Officer of POSH, Captain Gerald Seow, said, “We are pleased to have been awarded 8 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” These contracts secured are not expected to have a material impact on the net tangible assets or earnings per share of the Group for the financial year ending 31 December 2016.
For further information or to speak to a POSH spokesperson, please contact:
Mr Tan Tze Koon, POSH, Risk and Investor Relations, Manager,
+65 8339 6494, tzekoon.tan@paccoffshore.com.sg
Ms Josephine Chew, WATATAWA Consulting, Associate Partner,
+65 9061 0353, josephine.chew@watatawa.asia
Mr Ong Chor Hao, WATATAWA Consulting, Associate,
+65 9627 2674, chorhao.ong@watatawa.asia
About PACC Offshore Services Holdings (“POSH”)
PACC Offshore Services Holdings (“POSH”) is listed on the Singapore Exchange and is the largest Asia-based international operator of offshore support vessels, and among the top five globally, with a diversified fleet providing marine support services to the offshore oil and gas industry.
The Group’s four key business divisions are:
Offshore Supply Vessels (“OSV”) – supports mid- to deep-water operations of rigs and oilfield operators (exploration and construction phases)
Offshore Accommodation (“OA”) – operates a fleet of offshore accommodation vessels providing a range of solutions for offshore construction, modification & maintenance, and decommissioning activities
Transport & Installation (“T&I”) – supports marine contractors in construction and maintenance of oilfield infrastructure and pipelines
Harbour Services & Emergency Response (“HSER”) – operates a fleet of harbour tugs actively engaged in supporting harbour towage operators. A joint venture also provides heavy lift services to shipyards engaged in the construction, repair and conversion of ships, offshore drilling units, other offshore structures, topside production and processing facilities.
SINGAPORE, 31 March 2016 – Offshore marine services provider, PACC Offshore Services Holdings Ltd. (“POSH” or the “Group”), today announced that it has secured a one year contract for its POSH Xanadu semisubmersible accommodation vessel (“SSAV”).
Under the terms of the contract, POSH Xanadu will continue to support the client’s oil and gas production activities in the Campos Basin.
Designed for deep waters and harsh operating environments, POSH Xanadu can accommodate up to 750 pax with top-of-the-line safety and comfort features for offshore workers.
Chief Executive Officer of POSH, Captain Gerald Seow, said, “We are delighted to announce the contract as it testifies to POSH Xanadu’s excellent performance and service. Despite facing adverse weather conditions during certain periods over the past year, she was able to achieve 100% operational uptime even when all other floatels in the area had disconnected. We are proud of our team which has delivered on our promise of operational excellence to our client.”
“We remain appreciative of our client’s trust in us and will continue to focus on delivering best-in-class service for our customers at all times.” Besides housing quality accommodation, catering, recreational facilities and a hospital for crew on board, POSH Xanadu offers a wide range of workspace solutions such as conference rooms, modern workstations, workshops, warehouses and two large offshore cranes. She is certified by Det Norske Veritas, a leading international certification and classification group, as a “Clean Comfort Class” vessel, which is awarded to vessels that comply with stringent noise and vibration control requirements for crew comfort and as well as robust environmental emission standards.
