Pacific Radiance Lands $140M Contract for Newbuild OSV
Pacific Radiance Ltd. (Pacific Radiance or the Group), a provider of integrated offshore marine services in Asia and beyond, has secured a long term charter contract worth over $140 million, including extension options, for one of its vessels ahead of its expected delivery in 2016/17.
Under the contract, which was secured by the Group's joint venture, DOT Radiance Pte. Ltd., the vessel will be chartered to a new client to perform offshore support services in a key emerging market. The vessel is in its early stage of construction.
Pang Yoke Min, the executive chairman of Pacific Radiance, said: “To have a contract signed for a vessel two to three years ahead of its delivery affirms our strong industry network as well as understanding of our clients' needs to build market relevant vessels.
“We are pleased to secure this new client which will give us the opportunity to establish and grow our presence in a key emerging market, in line with our strategy.”
Just last week, the Group reported a 57 percent growth in net attributable profit of $63.6 million, on the back of revenue of $135.0 million for the nine months ended Sept. 30. This set of robust results was mainly underpinned by the improved utilization and prompt deployment of the Group's newly delivered offshore support vessels, as well as its ongoing fleet rejuvenation program.
Pacific Radiance Ltd. provides offshore support solutions to an expanding client base, catering to their key needs throughout the oil and gas (O&G) project life cycle. Our offshore support services division owns and charters out a young and diverse offshore vessel fleet that helps ensure efficient and successful project execution. We also offer subsea inspection, repair and maintenance (IRM) services as well as light construction services. Our value-added services include ship repair, project logistics and the supply, rental and maintenance of deck equipment.
Our Group’s fleet of more than 130 vessels has given us a strong foothold across Asia and other emerging O&G markets, namely Africa, Latin America and Australia. We are well-placed to benefit from the growth in exploration and production (E&P) and subsea spending in these regions.
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