A joint venture forged by some of the most recognisable names in the offshore arena is looking to defend its position as a market leader by expanding a fleet of anchor-handlers that specialise in long-distance ocean towage.

Posh Terasea of Singapore, which is backed by PACC Offshore Services Holdings (POSH), is in the early stages of lining up orders for up to four vessels but is also keeping an eye out for merger-and-acquisition (M&A) opportunities, according to Terasea chairman Scott Lindsay.

“What we are seeing in the future, particularly with large floating LNG projects, is interest in even larger vessels,” he told TradeWinds. “Our next step for expansion would be in the 250-tonne-bollard-pull [tbp] to 300-tbp vessels, which we are discussing now at a board level.”

Lindsay says the timing of ship acquisitions will be based on what he describes as “true market indicators” like tenders in Australia, the Atlantic Basin, North Sea and other regions that require anchor-handlers to assist in the development of offshore installations.

“We will act when clients aren’t just suggesting tenders but when they are actually ready to commit,” he added. “A lot of commitments are actually made up to two years in advance, which gives us time to put together the right game plan.

“With the support of our partners we have the depth and ability to move quickly as opportunities arise in the marketplace. At the same time, it’s not a big market and its very specialised, so we are going to be aggressive but cautious about expansion. We don’t want to overtonnage ourselves.”

Lindsay says Posh Terasea would also consider the addition of large submersible barges and other assets that tie in to the sectors in which its partners specialise — offshore-support vessels (OSVs), jack-up drilling rigs and heavylift.

Posh joined forces with Terasea — a joint venture between Ezion Holdings and Seabridge, which is based in Canada and backed by Tiger Group Investments of Hong Kong — in early March. Today, the partnership oversees a fleet of nine anchor-handlers, including newbuildings.

When the company moves forward with expansion, Lindsay says funding requirements will be shared “jointly” by the partners and would likely include a combination of what he calls “shareholder equity finance” and commercial bank debt.

BY AARON KELLEY STAMFORD AARON.KELLY@TRADEWINDSNEWS.COM

Singapore. — Mar 5, 2013 — PACC Offshore Services Holdings (POSH), through its EPIC division, today announced the formation of a joint venture company POSH Terasea Pte Ltd with Terasea Pte Ltd (Terasea). POSH will contribute to the JV a fleet of five specialized Anchor Handlers (12000BHP to 13500BHP) while Terasea contributes four units of newbuilding modern deepwater 16000BHP Anchor Handlers, to be delivered successively over the next 11 months. With this merger, Posh Terasea will operate the largest and youngest fleet of vessels for the ocean towage market.

Mr Scott Lindsay, Chairman of Terasea announced: “Terasea is pleased to form this JV with POSH. POSH EPIC division, with its experienced crew and management team, is arguably the world leader in FPSO towage and positioning; with an unparallelled track record, for its safety standards and timely deliveries. POSH’s track records include the towage and hookup of the world’s largest FPSOs, including FPSO Hai Yang Shi You 117, FPSO Kizomba A & B, and FPSO Agbami. The new vessels will further cement its position as the market leader.”

“The JV will reap much synergy from its shareholders and leverage on the global networks of both POSH and Terasea. With an expanded fleet of nine specialized vessels operating globally, the JV is able to offer its customers greater reliability. In addition, the JV operates vessels of 3 different categories of bollard pull, and this will provide our customers greater flexibility in configuring their bollard pull requirement.” said Mr Peter Lee, CEO of Terasea.

POSH Terasea will be led by Mr Eric Ng who is the director of the POSH EPIC division. Mr Eric Ng, has more than 30 years of experience in the offshore oil and gas industry. Mr Eric Ng said “Oil majors are demanding higher safety standards, as well as younger and more powerful vessels. The addition of four additional 16000BHP newbuild into the fleet is a testament of our commitment to continuously upgrade our fleet to meet the increasing demands of the oil and gas industry.”

About POSH – POSH is a leading offshore marine services provider that leverages some 60 years of operating experience and specialized expertise in offshore and marine oil field services. POSH was created through the merger of several companies with strong heritage and solid reputation as pioneers and leaders in their respective fields of operation from as early as 1951. POSH currently owns and operates a diversified fleet of over 100 offshore vessels. The combined assets, experience project background and track record of these companies have enhanced POSH Semco’s leadership position in the oil and gas support industries.

About Terasea – Terasea is a joint venture between Singapore listed Ezion Holdings Ltd and Seabridge Marine.