The revival of the offshore sector due to high oil prices has put Singapore-based PACC Offshore Services Holdings (POSH) is in expansion mode with the purchase of a multipurpose construction vessel from the fleet of Norway’s BOA Offshore.
POSH has acquired the 119-metre DP-3 offshore construction vessel BOA Deep C (built 2004), a vessel that is owned by BOA OCV AS.
BOA OCV announced in July it was in the process of selling its two ships, the BOA Deep C and the 139-metre BOA Sub C (built 2007), and at the same time, ownership of its shares were being transferred to NT Refectio 24 AS, a company held by Stiftelsen Refectio, a foundation established to effectively secure the bondholders’ interest in enforcement proceedings.
The sale of the BOA Deep C is expected to close by October, at which time it will join the POSH fleet as the POSH Deep C.
POSH, which has a fleet comprising of 34 offshore support vessels and 16 offshore construction vessels, said the addition of the BOA Deep C is part of its strategy to increase its service offerings.
Low Soon Teck, the company’s chief executive officer, said the ship’s versatility will complement the existing fleet with capabilities including subsea installation works and turnkey towage and installation services for the floating offshore wind and energy sectors.
“The acquisition of this versatile vessel is an important milestone in POSH’s transformation into a future-ready, sustainable solutions provider for the global energy sector. We have a calibrated asset and talent growth plan driven by our continued operational resilience and financial discipline,” Low said.
With a bollard pull of up to 229 tonnes, and equipped with a DP-3 system, a 250-tonne crane with depth capability of up to 2,000 metres, and accommodation for 100 passengers, the BOA Deep C is capable of executing deep water FPSO mooring installation and removal; the installation of offshore floating wind structures and mooring systems; and subsea umbilical, riser, and flowlines installation works.
VesselValue pegged a spot price evaluation of $24.6m on the ship on Thursday, although back in early August, when the deal was first agreed to, the online platform valued it at $12.3m.
POSH did not disclose the amount it paid for the BOA Deep C.
BOA ACV said in a statement to the Oslo bourse that the sale was expected to generate a distribution of approximately 25% to 35% the current outstanding amount under its bonds.
The shipowning vehicle has yet to announce any sale for the BOA Sub C.
