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POSH bags vessel charters worth US$167.5m

OFFSHORE and marine services provider PACC Offshore Services Holdings (POSH) has won long-term charter contracts worth US$167.5 million in total from a Middle Eastern national oil company, it said in a Singapore Exchange filing on Tuesday night.

It did not name the national oil company.

The charters were for eight offshore supply vessels. These vessels, on a "firm five-year charter with two one-year extension options, will support the national oil company's operations at the Arabian Gulf", POSH said.

It added that the charters would commence progressively following delivery, with vessels to be handed over to the client starting from December 2016.