PACC Offshore Services Holdings Ltd.

09/25/2020 | Press release | Distributed by Public on 09/25/2020 00:23

POSH Flagship Offshore Accommodation Vessels, Arcadia And Xanadu, Win Long-Term Charters With Petrobras

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.

****

For further information or to speak to a POSH spokesperson, please contact:

Ms Sandra Benny, POSH, Corporate Affairs and Business Development, +65 9815 5695, [email protected]

Ms Hoong Huifang, WATATAWA Consulting, +65 9128 0762, [email protected]

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