Singapore's Pacific Radiance Ltd. (Pacific Radiance or the Group), a provider of integrated offshore marine services, reported Monday that the firm has deployed its newly delivered offshore support vessel on a charter in South East Asia.
The vessel is on a five-year contract worth more than $70 million, including extension options, with a repeat client.
Pang Yoke Min, the executive chairman of Pacific Radiance, said: “The quick deployment of this vessel despite the current oil price weakness attests to our robust business model of building and operating a relevant and diverse fleet that meets a wide range of market needs. We believe our fleet profile provides a relatively more sustainable and stable income stream within the cyclical oil and gas sector.
We are still in a growth phase and will continue to focus on increasing our presence in emerging markets with high E&P spending. ”
This dynamic positioning Class 2-enabled vessel is expected to contribute to Group earnings from 4QFY14 onwards.
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