PACC Offshore Services Holdings (“POSH”), a Singapore-based offshore marine services provider, said Friday it would be will be shifting its push into renewables away from operational support in the fixed wind market into the development of the fast-growing floating wind market.
As such, the company said it had has divested its Taiwan-based POSH Kerry Renewables Joint Venture (“JV”).
POSH entered into a share purchase agreement with Oceanic Crown Offshore Marine Services Ltd, the joint venture arm of Marco Polo Marine Ltd, to sell its entire share capital of PKR Offshore Co. Ltd. (“PKRO”).
"POSH Kerry Renewables has been servicing the offshore renewables market in Taiwan since 2018. With its track record from supporting wind farm projects there, POSH is now actively exploring more accretive opportunities in fast-growing floating wind markets in Asia and Europe," POSH said.
Low Soon Teck, Acting Chief Executive Officer of POSH, said, “Our strong foundation, access to group-wide assets, and expertise in anchor-handling and mooring put us in a good position to explore more accretive opportunities in fast-growing markets in Asia and Europe. This will accelerate POSH’s push into renewables as we transform into a sustainable solutions provider for the global energy sector.”
Providing the rationale behind its pivot in strategy, the company, which has for years been mostly known for its offshore oil and gas services, said the move was in line with the latest trends where 16.5GW of floating wind installations are expected by 2030, with South Korea, Japan, Norway, France, and the UK likely to be the top five floating markets.
Asia’s slice of the pie is expected to more than double in that time, with an estimated 45% of global market share by 2030, POSH said.