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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