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