Pacific Radiance wins $140M OSV charter

Pacific Radiance Ltd., a Singapore-based provider of integrated offshore marine services in Asia and beyond, has secured a long term charter contract worth over US$140 million, including extension options, for one of its offshore support vessels ahead of its expected delivery in 2016/17.

Pacific Radiance says that 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. However, Pacific Radiance did not disclose the name of the client in question. According to the company, 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% growth in net attributable profit of US$63.6 million, on the back of revenue of US$135.0 million for the nine months ended 30 September 2014. This set of robust results was mainly underpinned by the improved utilisation and prompt deployment of the Group’s newly delivered offshore support vessels, as well as its ongoing fleet rejuvenation programme, the company said.

 

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