Wednesday 11 January 2017

Pacific Radiance Ltd. (Pacific Radiance or the Group), a provider of integrated offshore marine support services, has re-established its presence in the Middle East with its recently inked multiyear contracts worth up to US$68 million, including options.

Under the multiyear contracts with independent and national oil companies, five of the Group's offshore support vessels (OSVs) will support production campaigns in the Arabian Gulf. These vessels, which were previously off-hire, have already started work, adding to the Group's overall vessel utilisation.

Mr Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: “This prolonged downturn has been more severe than any, the oil & gas industry has ever experienced. At Pacific Radiance, we have been taking steps since the onset in 2014 to ensure that our business remains sustainable in the current adverse operating conditions.

These contracts demonstrate the versatility of our diverse fleet, supported by the Group’s continued efforts to improve cashflow, as well as grow and deepen our footprint in key target markets in Asia, Latin America and Africa.”

Besides the Middle East, Pacific Radiance also made further inroads into Mexico which recently liberalised its offshore oil & gas sector, allowing private and foreign direct investments and equity participation. Just last month, the Group transferred its key operations and assets in Mexico to Navigatis Radiance Ptd. Ltd., its 50%-owned indirect joint venture with Navigatis S. De. R.L. De C.V (Navigatis), to sharpen its position for growth opportunities in that market. Navigatis is a special purpose entity established by Axis Capital Management which manages US$1.5 billion of assets.