POSH eyes fleet expansion as O&M contracting rebounds

Singapore

PACC Offshore Services Holdings (POSH) is seeing a rebound in its average offshore support vessel (OSV) fleet utilisation, a telling sign that contracting activity is returning to the beleaguered offshore and marine sector.

The Robert Kuok-controlled group is getting more enquiries for offshore accommodation (OA) and other business segments and is now even looking to charter in third-party vessels, chief executive Gerald Seow said in an exclusive interview with The Business Times.

But he acknowledged that with charter rates still remaining u…