Posh wins $100.8m vessel charter contract from Petrobras

PACC Offshore Services Holdings (Posh) has secured a US$80.5 million (S$100.8 million) charter contract for its semi-submersible accommodation vessel (SSAV), for use by the Brazilian national oil firm Petrobras. -- FILE PHOTO: PACC 
PACC Offshore Services Holdings (Posh) has secured a US$80.5 million (S$100.8 million) charter contract for its semi-submersible accommodation vessel (SSAV), for use by the Brazilian national oil firm Petrobras. -- FILE PHOTO: PACC 

SINGAPORE - PACC Offshore Services Holdings (Posh) has secured a US$80.5 million (S$100.8 million) charter contract for its semi-submersible accommodation vessel (SSAV), for use by the Brazilian national oil firm Petrobras.

Posh announced on Wednesday that the Posh Xanadu will be used to support the firm's oil and gas production activities in the Campos Basin.

Petrobras will charter the Posh Xanadu for a year, beginning around December 2014, with the option to extend the charter by another year.

If the charter period is extended, the total contract value will be more than US$144 million.

Mr Gerald Seow, chief executive officer of Posh, said: "(The contract) confirms the capability of our SSAV design to meet the operating requirements of deepwater oil field operations around the world and reaffirms the strong demand in the deepwater accommodation sector."