Singapore's PACC Offshore Services Holdings (POSH) is muscling in on Persian Gulf business with a new joint venture.
The company said it has formed POSH Saudi Company with Saudi Arabia’s Hmood Al-Khalaf Group, which has interests in agriculture and transportation, including livestock carriers.
The new entity will be majority-owned by POSH.
"This expansion into the Middle East is in line with the group’s strategy to further penetrate the Persian Gulf, which has been identified as a key growth market amid ongoing global volatility in the oil and gas sector," POSH said.
POSH already has several vessels, including supply ships and light construction accommodation units, on long-term charters operating with a Saudi Arabian national oil company.
It will further increase its investments and operations in Saudi Arabia through the new venture.
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 oil and gas industry globally.”
“Since we signalled our intention to penetrate the region in April, we have deployed two more vessels to the Persian Gulf."
