Singapore’s Pacific Radiance Ltd., a provider of integrated offshore marine services, 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 US$70 million, including extension options. The shipowner did not reveal the name of the customer, but said it was 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 & 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. ”