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POSH eyeing new segments, markets after listing

POSH eyeing new segments, markets after listing
Listing candidate PACC Offshore Services Holdings (POSH), plans to actively expand its fleet to include deepwater accommodation vessels and break into new markets such as Latin America, the company said in its listing prospectus for the initial public offering (IPO) on the Singapore bourse.

POSH, one of the top offshore supply vessel (OSV) players, added it was also looking to explore the inspection, maintenance and repair (IMR) business, POSH noted that this would help complement the OSV services it now provides and provide better value to its customers. It is exploring the possibility of acquiring new asset classes such as multi-finction support vessels to make inroads into the segment.

POSH will also seek to use Mexico as a springboard into Latin America and in line with this will expand its presence there.

The company, a 21%-owned associate of Malaysian Bulk Carriers, has approved a capital expenditure budget of $291.5m to fund its fleet expansion programme. Reports last week said the IPO is estimated to raise up to $350m.