POSH CEO to retire in May

Singapore offshore vessel specialist PACC Offshore Services Holdings, has informed that its CEO Gerald Seow would retire.

The offshore shipping company better known as POSH said on Monday that Seow would retire from its CEO position on May 1, 2019.

“Mr. Seow remains as a Non-Executive Director of the Company,” POSH said.

During his tenure, POSH managed to secure important contracts such as towing the Glen Lyon FPSO, from Ulsan, South Korea to Haugesund, Norway, then delivery of the Ichthys Explorer central processing platform, Ichthys Venturer FPSO, and Prelude FLNG -largest ever offshore facility – to Australia, and recently it has towed the Egina FPSO, the world’s largest FPSO, to Nigeria.

In a recent address to shareholders, Seow said 2018 marked another consecutive year of declining revenue for offshore marine contractors despite the stabilization of crude oil prices and uptick in the number of projects sanctioned.

“Nevertheless, we are hopeful that projects sanctioned in the past two years will materialize and accelerate as we move into 2019 and beyond. Already, we are seeing offshore construction activities beginning to eventuate in key regions such as the Middle East and Latin America,” he said.

Apart from providing offshore support vessels, anchor handling tugs, and offshore accommodation services, POSH has recently, in a push to diversify its business, ventured into subsea construction market as well as into offshore renewables and has already won contracts in those segments.

Deputy CEO taking CEO role

Seow will be replaced as CEO by Lee Keng Lin who is currently the Deputy Chief Executive Officer of the Group.

POSH has said the Lee Keng Lin has the required experience and in-depth understanding of the Group’s business and operations and has provided strategic leadership in overseeing the various business units of the Group.

“Lee has more than 10 years of experience in the offshore marine industry and has been with the Group since 2007. He was part of the team that led the acquisition of PSA Marine’s offshore business in 2007 and has been instrumental in the development and operations of various joint ventures and new business divisions,” POSH said.

“The Board is confident that with his proven abilities, he is able to work closely with the Board to develop strategic growth plans and drive the organizational goals for the future,” POSH said.

Offshore Energy Today Staff

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