Singapore’s Pacific Radiance Ltd. has announced that its indirect subsidiary, Radiance Offshore Holdings Pte. Ltd., has entered into a joint venture agreement with DOT Holdings AS, on 8 September 2014.
Under the terms of the Joint Venture Agreement, Radiance Offshore and DOT Holdings have agreed to jointly incorporate a company, to be named “DOT Radiance Pte. Ltd.” in the Republic of Singapore.
The JV Company intends to be engaged in the business of owning and chartering of offshore support vessels. A further announcement will be made in due course when the JV Company has been incorporated.
Pacific Radiance has said that the investment in the JV Company will be funded through internal resources and is not expected to have any material impact on the Company’s net tangible assets and earnings per share of the Company for the current financial year.