Pacific Radiance Bags $100M Contract to Supply a Maintenance Work Vessel

Pacific Radiance Ltd., a Singapore-based provider of integrated offshore marine services, announced Monday that it has bagged a contract worth up to $100 million for its latest maintenance work vessel (MWV), the first of 14 newbuilds scheduled for delivery in the current financial year (FY) 2014.

Under the contract, the newbuild vessel, which will join the company's fleet in the first quarter of FY 2014, will be chartered to an international oil major for up to seven years, including extensions. The MWV, equipped with a 64 ton crane and accommodation for 208 men, will deploy to provide maintenance services for a project in Southeast Asia.

The Dynamic Positioning Class 2 MWV can work in deeper waters and enhances Pacific Radiance's overall fleet capabilities.

“This latest win reinforces Pacific Radiance's firm standing in the sector and underlines our strategy to add larger and more sophisticated vessels while keeping our fleet diverse and relevant to market trends. Furthermore, our strategic newbuild program places the Group in a prime position to widen our footprint in Asia as well as make inroads into our target markets in Africa, Australia, South and Central America where E&P spending is expected to rise," Pang Yoke Min, executive chairman of Pacific Radiance, said in the press release.

As part of a strategic newbuild program to boost its deepwater capabilities, Pacific Radiance is building 13 more vessels, ranging from Platform Supply Vessels and Anchor Handling Tug and Supply Vessels, to a remotely operated vehicle (ROV) support vessel, to be delivered in FY 2014.

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