PACC Offshore Services (POSH) has established a Brunei-based associated company.
Singapore-headquartered POSH provides marine services for the offshore oil and gas supply chain. The associated company – POSH Darussalam – will charter and operate vessels.
Last week, POSH posted a loss of USD12.7 million for the first quarter ended March 31; for the same period of 2018 it saw losses of USD7.2 million.
Revenue fell 12 percent to USD61.8 million from USD70.6 million in the first quarter of 2018; it attributed the decline to lower contributions from its offshore accommodation (OA) segment. This was partially offset by higher revenue in its offshore supply vessel, transportation and installation, and harbour services and emergency response business units.