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.


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.