Posh Consortium Wins Subsea Contract Worth Over Us$100 Million; Adds Vessel To Support Further Subsea Opportunities

[escveritas]

SINGAPORE, 13 APRIL 2022 – Offshore marine services provider, PACC Offshore Services Holdings (“POSH”), has commenced work on a major subsea installation and construction project off India’s west coast, after securing a contract over US$100 million with its consortium partner Seamec Limited.

POSH, in consortium with Seamec, is providing an integrated suite of subsea services for the seventh development phase of the Oil and Natural Gas Corporation (“ONGC”) Pipeline Replacement Project (“PRP-7”) for engineering, procurement and construction (“EPC”) conglomerate Larsen and Toubro (“L&T”).

POSH will deploy four vessels including the heavy subsea construction and installation vessel POSH Natuna and Dynamic Positioning 2 (“DP2”) Dive Support Vessel (“DSV”) POSH Mallard for the project, which is expected to run until May 2024. POSH will oversee overall project management, integrated scheduling and installation engineering aspects as lead partner of the consortium.

To further bolster its ability to serve the subsea sector, POSH recently repurposed POSH Mallard as a DP2 DSV with ABS Class Notation including integrated Air and Saturation Dive systems, compliant to International Marine and Contractors Association (“IMCA”) and International Oil and Gas Producers (“IOGP”) standards. Having been retrofitted with 300-metre Saturation and Air Dive systems and equipped with a 100T Subsea crane that can work in depths of up to 200 metres, POSH Mallard is now ready to support all forms of subsea work including light to moderate construction, installation as well as inspection, remedial and maintenance (“IRM”) scopes.

Mr Ulva Chai, Chief Operating Officer, POSH, said, “This contract win demonstrates the strong progress made by POSH Subsea in winning and managing offshore projects, having performed numerous similar projects in the past few years. It solidifies our position as a partner of choice in the fast-growing subsea space, which is an area of focus for us. We are also pleased to add POSH Mallard to our subsea-capable fleet. Together, these developments augur well for POSH as we continue to accelerate our transformation to become a future-ready, sustainable solutions provider for the global energy sector.”

Mr Kurush Contractor, Managing Director, POSH Subsea, said, “POSH is pleased to be supporting this phase of ONGC’s PRP-7 project for L&T. We are confident that our quality fleet of vessels, committed team and excellent track record will enable us to deliver on this highly technical job, and many others to come. We will continue to ensure the health and safety of all involved without compromising our brand of providing top-class service for our customers. We look forward to servicing ONGC & L&T and thank them for their continued trust.”