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Revisions

PACC Offshore's share price decline makes it more palatable to OCBC

Broker's Calls

PACC Offshore's share price decline makes it more palatable to OCBC

PC Lee Published on Thu, Sep 01, 2016 / 11:35 AM GMT+8

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SINGAPORE (Sept 1): OCBC is upgrading PACC Offshore Services Holdings to a “hold” rating from a “sell” after shares fall nearly 9% through August.

OCBC notes that PACC is among the contenders to supply an accommodation and maintenance unit to Petroleo Brasileiro in the Santos Basin.

Petrobras is offering a one-year charter which is renewable for another year. This would be “perfect” for PACC’s vessel POSH Xanadu after its current contract with Petrobras ends around March next year.

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