SE Asia Oilfield Service Minnows Must Acquire or Expire
the top oil and gas producing nations in the region, are planning to spend billions of dollars to unlock virgin reserves trapped in remote deepwater locations and boost extraction rates at existing but aging fields. That promises more business for top offshore oilfield services firms like PACC Offshore Services Holdings Ltd and Swire Pacific Offshore, a unit of Hong Kong conglomerate Swire Pacific Ltd. But that does not mean more business for the smaller players, which have been clubbed by rising costs and keen competition in an overcrowded market. People in the industry say the smaller players,
POSH seeks up to $334M in IPO
PACC Offshore Services Holdings (POSH) is looking to raise between $304 million and $334 million in a Singapore listing, according to a term sheet seen by Reuters. POSH, which is part of the empire of Malaysia's richest man, Robert Kuok, operates a fleet serving offshore oilfields in Asia, Africa and Latin America. The company is also reserving the right to issue additional shares worth up to $46 million under a greenshoe option, meaning the total amount raised could be as much as $380 million. Bank of America Merrill Lynch, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd are the
February 2025
