Wednesday 2 November 2016

In spite of the muted offshore oil & gas market, Pacific Radiance Ltd. (Pacific Radiance or the Group), a provider of integrated offshore marine support services, has made further inroads into Mexico with its latest long term charter worth US$73 million including options.

Delivered in 1HFY16, the maintenance work boat (MWB) is the Group's third vessel to operate in Mexico, one of its key target markets, adding to its two anchor handling tug supply (AHTS) vessels which have been operating in the region since 2014.

Under the multi-year contract inked with a new client, the MWB will be deployed to perform platform maintenance, diving and subsea maintenance, as well as offshore construction work. The contract was won by the Group's indirect wholly-owned subsidiary, Radiance Alliance Pte. Ltd..

Mr Pang Yoke Min (冯学民), the Executive Chairman of Pacific Radiance, said: “Mexico remains a promising target market where the government authorities have recently called for tenders for both shallow and deepwater development projects.

The quick deployment of our newly delivered vessel in this industry downturn underscores our successful business model of constructing “build to spec” and fit for purpose vessels to cater to our clients’ needs, ensuring our fleet continues to stay market relevant and ready to meet a wide range of market needs globally, including the demand for younger and more efficient vessels. Our fleet profile and operational experience will position us well to participate in further offshore projects which are now being tendered out in the region.”

Other than Mexico and Latin America, the Group is also targeting to cement its presence in Asia and Middle East. Hand in hand with its business development efforts to grow in new and existing markets, Pacific Radiance's management continues to proactively strengthen the Group's financials and enhance cash flows.

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