POSH expands in Middle East with new JVCompany News // January 11, 2016
PACC Offshore Services Holdings Ltd (POSH) has entered into a joint venture (JV) and incorporated POSH Saudi Company with Saudi Arabia’s Hmood Al-Khalaf Group as part of its plans to expand its presence in the Middle East.
POSH Saudi Company is majority owned by POSH.
The 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 offshore oil and gas sector.
POSH already has several vessels, including PSVs and light construction accommodation vessels, on long-term charters operating with a Saudi Arabian national oil company. Through the new JV, POSH will further increase its investments and operations in Saudi Arabia.