POSH benefits from improved market

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.”

www.posh.com.sg

Heavy Lift | News

Maersk rises to NSR challenge

August 21 - A.P. Møller Mærsk plans to carry out a one-off trial passage of the Northern Sea Route (NSR) in September 2018.
Views: 136

Boskalis vessels heading for scrap

August 20 - Royal Boskalis Westminster has confirmed it will remove 11 of its “heavily loss-making" heavy transport vessels from service in the coming 12 months.
Views: 281

Hinrichs joins Combi Lift

August 17 - Combi Lift has appointed Holger Hinrichs as managing director, joining Heiko Felderhoff in leading the Bremen-headquartered heavy lift shipping line.
Views: 638

Roll Group wins boiler transport

August 17 - Roll Group has been awarded a contract by Italian project forwarder Fagioli for the transportation of three boilers for the Gulf Coast Growth Ventures (GCGV) project in the USA.
Views: 723

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.