The new jv with Hmood Al-Khalaf Group is called POSH Saudi Company and is majority owned by the Singapore-headquartered POSH.
POSH already has vessels on long term charter in Saudi and the new jv will increase its operations in the region.
“The region offers substantial growth opportunities despite the challenges faced by the oil and gas (O&G) industry globally,” said Gerald Seow ceo of POSH
“Since we signalled our intention to penetrate the region in April, we have deployed two more vessels to the Persian Gulf. 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,” he added.
Hmood Al-Khalaf group founder Sheikh Hmood Al Ali AlKhalaf commented: “With our joint strengths and expertise, we will be able to generate synergies to undertake more complex projects to the benefit of all parties.”
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