POSH rebuilds fatal barge

PACC Offshore Services Holdings (POSH) plans to recover and rebuild a barge that claimed three lives when it sank off Indonesia in July.

The owner, which says the incident will not have a major bearing on its financial performance, did not reveal how costly the project to salvage the Mogami (built 2013) will prove.

Its plan emerged as POSH reported a fractional improvement in first half profitability.

The company’s bottom line reached $48.5m in the period, 1% up year on year.

Recent asset disposals contributed to operating income of $42.4m, a 52% rise.

Gerald Seow, chief executive of POSH, said: “Our first half results show that the quality of our earnings remains sound and our business remains resilient.”

The Singapore-listed company saw its offshore supply vessel (OSV) segment lead the way, with revenue increased by 25.7% to $62.1m.

All business segments recorded higher gross profit margins in the first six months, apart from Harbour Services and Emergency Response.

POSH has a joint venture in Mexico which has been involved in a fraud investigation.

As it had previously guided, the matter contributed to a $2.9m loss for the venture, compared to last year’s $5.9m profit.

POSH operates a fleet of 110 vessels, 19 of which are on order.