POSH Buys Boa Deep C Offshore Construction Vessel

Singapore-based offshore energy services provider PACC Offshore Services Holdings (“POSH”) has agreed to buy the 119-meter long, DP-3 offshore construction vessel ‘BOA Deep C’ from Norway's BOA OCV AS. The vessel will be renamed ‘POSH Deep C’ and will join the POSH fleet in October 2022. 

POSH said the addition of the multipurpose Offshore Construction Vessel (“OCV”), built in 2003, was part of its strategy to increase its service offerings. The financial details were not disclosed.

"The OCV’s versatility will complement the existing fleet with capabilities including subsea installation works and turnkey towage and installation services for the floating offshore wind and energy sector," POSH said.

POSH Deep C is capable of executing the installation of deepwater floaters, such as FPSOs, mooring installation and removal, installation of offshore floating wind structures and mooring systems, and Subsea Umbilical, Riser, and Flowlines (“SURF”) installation works.  

 ‘POSH Deep C’ specs, as shared by POSH:

  • DP-3 system, suitable for worldwide ultra-deepwater operations including operations in coastal waters of any state. 
  • Bollard Pull of up to 229 tonnes 
  • 250-tonne Active Heave Compensated (“AHC”) crane, with depth capability of up to 2,000m 
  • Onboard accommodation of up to 100 pax 
  • Large, unobstructed deck - 1,516mof free deck space, allowing for flexibility during mobilization and operations 
  • Large capacity towing and anchor handling winch, chain locker, and fiber rope capacity 

 

On August 8, BOA OCV said that it had entered into an agreement with what was then an undisclosed buyer to sell the subsea construction vessel BOA Deep C following the exercise of the Stock Accession Option by Nordic Trustee AS on behalf of the Bondholders of BOA OCV AS on July 28.

BOA OCV said at the time that the net sale price, together with certain unrestricted cash of the Issuer which may be available for distribution to the bondholders upon closing is expected to generate a distribution of approximately 25 - 35 percent of the current outstanding amount under the Bonds. 

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