PACC Offshore Services Holdings (POSH), an Asia-based offshore marine services provider, has announced that it has entered into a joint venture (JV) and incorporated “POSH Saudi Co.” with Saudi Arabia’s Hmood Al-Khalaf Group as part of its plans to expand its presence in the Middle East. POSH Saudi Co. is majority owned by POSH.
This expansion into the Middle East is in line with POSHs strategy to further penetrate the Persian Gulf, which has been identified as a key growth market amid ongoing global volatility in the oil and gas sector. POSH already has several vessels, including platform supply vessels and light construction accommodation vessels, on long-term charters operating with a Saudi Arabian national oil company. Through the new JV, POSH will further increase its investments and operations in Saudi Arabia.
As part of the JV, both partners will leverage their respective strengths: POSH for its operational expertise, diverse fleet and strong track record in the offshore services industry, and Hmood Al-Khalaf Group for its extensive business networks in the Middle East and expertise in agriculture and transportation.
“Since we signaled our intention to penetrate the region in April, we have deployed two more vessels to the Persian Gulf,” said Gerald Seow, POSH CEO. “With the experience and extensive network of Sheikh Hmood Al Ali AlKhalaf and the Al-Khalaf Group, we are confident of further accelerating our growth in the region and cementing our presence in Saudi Arabia.”