PACC Offshore bags two contracts worth US$85m for five vessels

They’re long-term charters for Middle East clients.

PACC Offshore (POSH) is raking in the big bucks thanks to two recently bagged contracts with a combined worth of US$85m.

According to a release by the offshore marine services provider, the deals were long-term charters for five vessels to the Middle East.

The first contract is for the group to supply four new utility vessels to the specific requirement of a Saudi Arabian national O&G major, primarily to support its offshore maintenance work in the Persian Gulf.

The four newbuild vessels will be chartered for a firm period of five years, with options to extend. The charters will begin progressively from 1Q17, with the first three vessels to be delivered over 1H17 and the last vessel to be delivered in June the same year.

The second contract won is for one of POSH’s anchor handling, towing and supply (AHTS) vessels for a Qatari client in the Middle East. Under this deal, the vessel will be chartered for a firm period of five years from the first quarter of 2016.