PACC Offshore Services Holdings Ltd. (“POSH“), a Singapore-based leading offshore marine services provider which is linked with ‘Kuok Group’, Asia’s largest operator of offshore support vessels with a diverse fleet of over 100 offshore vessels servicing multiple segments of the offshore oil and gas value chain announced on April 11th 2018 that it had recorded a 3-year consecutive losses on the back of lower oil production and lower EPC projects due to low oil prices.

POSH recorded a loss after taxation of USD 230.2 Million for FY 2017 and USD 371.5 Million for FY 2016. The group operated across 4 business units namely:

  1. Offshore Support Vessels (OSV)
  2. Offshore Accommodation (OA)
  3. Transportation & Installation (T&I)
  4. Harbor Services & Emergency Responses (HSER)

For FY 2017, the group recorded a revenue of USD 192.2 Million, which was about USD 9.1 Million higher than that in FY 2016. The group Net Asset Value dropped from USD 839.9 Million in FY 2016 to USD 486.36 Million in FY 2017.

 

EditorEnergyMarine & OffshoreOil & Gasoffshore,osv,POSH,SingaporePACC Offshore Services Holdings Ltd. ('POSH'), a Singapore-based leading offshore marine services provider which is linked with 'Kuok Group', Asia's largest operator of offshore support vessels with a diverse fleet of over 100 offshore vessels servicing multiple segments of the offshore oil and gas value chain announced on April...