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Singapore-based offshore services firm begins pre-marketing for $400 mln IPO-sources

Reuters

SINGAPORE, Feb 27 (Reuters) - Offshore marine services provider PACC Offshore Services Holdings (POSH), part of the business empire of Malaysia's richest man Robert Kuok, has begun tapping investors for a listing in Singapore that may raise up to $400 million, two sources said on Thursday.

"The investor education for PACC Offshore Services has started," said one of the sources familiar with the deal.

A second source said the pre-marketing will last two weeks and after that the company will decide on the formal launch of the IPO.

The firm operates a fleet of more than 50 vessels and another 50 vessels will be delivered over the coming three years, according to its website.

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Singapore is home to the world's two biggest rig builders, Keppel Corp Ltd and Sembcorp Marine Ltd, as well as smaller oil services companies like Ezion Holdings Ltd .

POSH was not immediately available to respond to a Reuters request for comment.

The sources declined to be identified because the information has not been made public.

Bank of America Merrill Lynch, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd are the bookrunners, Reuters has previously reported. (Reporting by Saeed Azhar and S. Anuradha; Editing by Kim Coghill)