Asia’s leading offshore marine services provider, PACCOffshore Services Holdings Ltd. (“POSH” of “the Group”) today announced it has enteredinto a joint venture (“JV”) and incorporated “POSH Saudi Company” with SaudiArabia’sHmood Al-Khalaf Group as part of its plans to expand its presence in the Middle East.POSH Saudi Company is majority owned by POSH.
This expansion into the Middle East is in line withthe Group’s strategy to further penetratethe Persian Gulf, which has been identified as a key growth market amid ongoing globalvolatility in the Oil and Gas sector. POSH alreadyhas several vessels, including PlatformSupply Vessels and Light Construction AccommodationVessels, on long-term chartersoperating with a Saudi Arabian national oil company. Through the new JV, POSH willfurther increase its investments and operations inSaudi Arabia.
As part of the JV, both partners will leverage their respective strengths: POSH for itsoperational expertise, diverse fleet and strong track record in the offshore servicesindustry, and Hmood Al-Khalaf Group for its extensive business networks in the MiddleEast and expertise in agriculture and transportation.
The Hmood Al-Khalaf Group, led by Sheikh Hmood Al Ali AlKhalaf, is one of SaudiArabia’s largest agribusiness and marine transportation players, with extensive businessinterests and investments across the country, the Middle East and in Australasia. TheHmood Al-Khalaf Group is also a leading owner, operator and charterer of livestockcarriers to serve its expansive geographical footprint. Its marine transportation networkincludes one of the world’s largest livestock carrierswith approximately 22,000 sqm oflivestock capacity, which was a 2300 TEU containership that was converted for livestockuse by PaxOcean Group, a POSH sister company.
POSH Chief Executive Officer Gerald Seow said: “This exciting milestone underscoresour long-term commitment to operating in the MiddleEast. The region offers substantialgrowth opportunities despite the challenges faced by the O&G industry globally.”“Since we signalled our intention to penetrate theregion in April, we have deployed twomore vessels to the Persian Gulf. With the experience and extensive network of SheikhHmood Al Ali AlKhalaf and the Al-Khalaf Group, we are confident of further acceleratingour growth in the region and cementing our presencein Saudi Arabia.”
Hmood Al-Khalaf Group Founder Sheikh Hmood Al Ali AlKhalaf said: “We arepleased to partner with POSH to provide enhanced offshore marine services in the region.With our joint strengths and expertise, we will beable to generate synergies to undertakemore complex projects to the benefit of all parties.”