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.
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1 GWEC offshore wind installations forecast through 2030 rises 18% on year. IHS Markit. 9 September 2021.