PACC Offshore outlook ‘still dim’ despite floatel job: OCBC

SINGAPORE (July 1): OCBC Investment Research is maintaining its “hold” call for PACC Offshore Services Holdings (POSH) with a fair price estimate of 35 cents.

“Looking ahead, pressure on charter rates and vessel utilization will continue to weigh on the group,” says OCBC Low Pei Han in a Friday report.

OCBC says outlook is still dim for POSH, despite the Group last week announcing that its subsidiary, POSH Semco, has been awarded a contract by Technip Oceania to support Shell’s Prelude floating liquefied natural gas (FLNG) facility.

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