POSH secures $85m charters for five vessels to the Middle East

POSH will supply four new utility vessels to a Saudi Arabian national oil and gas firm, mainly to support its offshore maintenance work in the Persian Gulf.

The four newbuild vessels will be chartered for a firm four-year period, with options to extend. The charters will start progressively from the first quarter of 2017, with the first three vessels to be delivered over the first half of 2017, and the fourth vessel to be delivered in June 2017.

The second contract is for POSH’s AHTS vessel for a Qatari client. The AHTS vessel will be chartered for a firm five-year period from the first quarter of 2016.

Gerald Seow, ceo of POSH, commented that the latest contracts “validates our strategy to diversify into key growth markets and business segments amid onging challenges in the industry.”