Maybulk plans IPO for PACC Offshore

Kuala Lumpur: Malaysia's largest dry bulk player Malaysian Bulk Carriers is planning to list its 21.23%-owned subsidiary PACC Offshore Services Holdings (POSH) by the end of this year or early next year, according to company’s CEO Kuok Khoon Kuan.

Kuok Khoon Kuan said POSH will be listed in Singapore, however, the final decision will depend on market conditions.

Kuok is optimistic about the offshore market, he thinks the industry will continue to remain strong due to expectations that oil and gas majors will increase their existing production levels and accordingly will increase their capital expenditure for drilling and maintenance programmes.

Currently POSH operates a fleet of about 100 vessels and has a number of vessels under construction including two semi-submersible accommodation vessels, with a total capital expenditure commitment of more than US$600 million. [29/05/13]

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