PACC Offshore Services Holdings Limited (POSH), Singapore-based offshore marine services provider, has entered into a joint venture (JV) with Saudi Arabia’s Hmood Al-Khalaf Group to form POSH Saudi Company as part of its plans to expand its presence in the Middle East
POSH Saudi Company is majority owned by POSH.
According to the company, the expansion into the Middle East is in line with the group’s strategy to further penetrate the Gulf, which has been identified as a key growth market amid ongoing global volatility in the oil and gas sector. POSH already has several vessels including platform supply vessels and light construction accommodation vessels, on long-term charters operating with a Saudi Arabian national oil company.
Through the new JV, POSH plans to further increase its investments and operations in Saudi Arabia. According to both companies, both partners will leverage their respective strengths — POSH for its operational expertise, diverse fleet and strong track record in the offshore services industry, and Hmood Al-Khalaf Group for its extensive business networks in the Middle East and expertise in agriculture and transportation.
The Hmood Al-Khalaf Group, led by Sheikh Hmood Al Ali AlKhalaf, is one of Saudi Arabia’s largest agribusiness and marine transportation players, with extensive business interests and investments across the country, the Middle East and in Australasia.
POSH CEO Gerald Seow said, “This exciting milestone underscores our long-term commitment to operating in the Middle East. The region offers substantial growth opportunities despite the challenges faced by the O&G industry globally.
AlKhalaf added that the company was pleased to partner with POSH to provide enhanced offshore marine services in the region.
