Pacific Radiance lands $140m OSV contract

Offshore marine services provider, Pacific Radiance says that new contract affirms the group’s strong network and understand of client needs
Pacific Radiance lands $140m OSV contract

Pacific Radiance has scored a long-term charter contract worth more than $140 million for one of its offshore support vessels.

The offshore marine services provider’s joint venture, DOT Radiance secured the contract for a vessel which is to be chartered to a new client and will provide offshore support services.

According to Pacific Radiance, the vessel is currently in the early stages 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.”

Earlier in November the group reported a 57 percent growth in net profit on the back of $135 million in revenue for the nine months ending 30 September 2014.

The company says the robust performance was “underlined by the improved utilisation and prompt deployment of the group’s newly delivered offshore support vessels, as well as its ongoing fleet rejuvenation programme."

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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