Offshore marine services provider PACC Offshore Services Holdings (POSH) has recorded a 95 percent revenue increase year-on-year for the three months to the end of June 30, 2018.
While the revenue increase to USD83.1 million is largely attributed to improved average daily charter rates in the company’s offshore accommodation segment, its transportation and installation division also saw a revenue increase of 19 percent to USD4.6 million.
According to POSH, market sentiment is also more positive, amid signs of increased investment and capital expenditure in offshore oilfield development.
Captain Gerald Seow, ceo of POSH, said: “We are encouraged by our sustained performance over the past quarter. Even as market conditions remain challenging, we continued to make headway in improving overall performance and securing new contracts.
“We have also expanded into new growth areas including subsea and offshore renewables.”