Strategic Shift: POSH Focuses on Floating Wind, Divests Taiwan-based JV

OEDigital
Friday, January 28, 2022

PACC Offshore Services Holdings (“POSH”), a Singapore-based offshore marine services provider, said Friday it would be will be shifting its push into renewables away from operational support in the fixed wind market into the development of the fast-growing floating wind market.

As such, the company said it had has divested its Taiwan-based POSH Kerry Renewables Joint Venture (“JV”). 

POSH entered into a share purchase agreement with Oceanic Crown Offshore Marine Services Ltd, the joint venture arm of Marco Polo Marine Ltd, to sell its entire share capital of PKR Offshore Co. Ltd. (“PKRO”).

"POSH Kerry Renewables has been servicing the offshore renewables market in Taiwan since 2018. With its track record from supporting wind farm projects there, POSH is now actively exploring more accretive opportunities in fast-growing floating wind markets in Asia and Europe," POSH said.

Low Soon Teck, Acting Chief Executive Officer of POSH, said, “Our strong foundation, access to group-wide assets, and expertise in anchor-handling and mooring put us in a good position to explore more accretive opportunities in fast-growing markets in Asia and Europe. This will accelerate POSH’s push into renewables as we transform into a sustainable solutions provider for the global energy sector.”

Providing the rationale behind its pivot in strategy, the company, which has for years been mostly known for its offshore oil and gas services, said the move was in line with the latest trends where 16.5GW of floating wind installations are expected by 2030, with South Korea, Japan, Norway, France, and the UK likely to be the top five floating markets.

Asia’s slice of the pie is expected to more than double in that time, with an estimated 45% of global market share by 2030, POSH said.

Categories: Renewable Energy Renewables Offshore Vessels Offshore Wind

Related Stories

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

China Starts Production at Major Oil Field in Bohai Sea

CNOOC Finds Oil and Gas in South China Sea

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Current News

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com