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

PC Lee
PC Lee9/1/2016 11:35 AM GMT+08  • 1 min read
PACC Offshore's share price decline makes it more palatable to OCBC
SINGAPORE (Sept 1): OCBC is upgrading PACC Offshore Services Holdings to a “hold” rating from a “sell” after shares fall nearly 9% through August.
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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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