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Update Robert Kuok's POSH wins US$80.5m (RM260m) Petrobras contract
by Cals Wed 14 May 2014, 17:35
| Update Robert Kuok's POSH wins US$80.5m (RM260m) Petrobras contract |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Wednesday, 14 May 2014 10:22 KUALA LUMPUR (May 14): Malaysian Bulk Carriers Bhd's 21.23% Singapore-listed associate PACC Offshore Services Holdings Ltd (POSH) has clinched an estimated US$80.5 million (RM260 million) vessel-charter contract from Brazil national oil firm Petrobras. In a statement today, POSH chief executive officer Gerald Seow said the contract involved the charter of its semi-submersible accommodation vessel (SSAV) “POSH Xanadu” to support Petrobras' oil and gas operations in the Campos Basin. “This contract was awarded after a stringent assessment by Petrobras on the operating capabilities of the “POSH Xanadu”. "It confirms the capability of our SSAV design to meet the operating requirements of deep-water oil field operations around the world and reaffirms the strong demand in the deep-water accommodation sector,” Seow said. He said the one-year contract, scheduled to begin this December, came with a one year-extension option. Should the charter be extended, Seow said the total contract value would be in excess of US$144 million. Malaysian tycoon Robert Kuok controls POSH via Malaysia Bulk Carriers and Kuok (Singapore) Ltd. Bloomberg data shows Kuok Singapore owns 58.53% in POSH. |
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