Pacific Radiance's New OSV Begins Work in Southeast Asia Under $70M Charter

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.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Sr Machine Maintenance Technician
Expertise: Machinist
Location: Godley, TX
Expertise: Machinist
Location: Midland, TX
Expertise: Heavy Machinery Operator
Location: Midland
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours