Pacific Radiance’s new offshore support vessel nets $70 million contract

Pacific Radiance’s new offshore support vessel nets $70 million contract

SINGAPORE -- Pacific Radiance has deployed its newly delivered offshore support vessel on a charter in Southeast Asia. The vessel is on a five-year contract worth more than $70 million, including extension options, with a repeat client.

Pang Yoke Min, 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 & 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,” he added.

This dynamic positioning Class 2-enabled vessel is expected to contribute to group earnings from the fourth quarter of the financial year 2014 onwards.