Singapore’s PACC Offshore Services Holdings (POSH) has expanded into the Middle East by establishing POSH Saudi Company, a joint venture with its local partner in Saudi Arabia, Hmood Al-Khalaf Group.
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”.
POSH said the Middle East Gulf is “a key growth market amid ongoing global volatility in the oil and gas sector”, upon which the JV aims to capitalise by focusing its investment and operations within Saudi Arabia.
The Hmood Al-Khalaf Group is one of Saudi Arabia’s largest agribusiness and marine transportation companies, and is headed by led by Sheikh Hmood Al Ali Al Khalaf. The company owns one of the world’s largest livestock carriers, which was converted from a containership by POSH’s sister company PaxOcean Group.
“Since we signalled our intention to penetrate the region in April, we have deployed two more vessels to the Persian Gulf,” said POSH’s CEO Gerald Seow, in a statement released today.
“With the experience and extensive network of Sheikh Hmood Al Ali Al Khalaf and the Al-Khalaf Group, we are confident of further accelerating our growth in the region and cementing our presence in Saudi Arabia.”
