Pacific Radiance forms JV in MexicoCompany News // June 25, 2014
The Board of Directors of Pacific Radiance Ltd has announced that its indirect
subsidiary, Radiance Offshore Holdings Pte Ltd (ROH) has entered into a joint venture agreement with Consultoría y Servicios Petroleros, SA de CV (CSP), a Mexican shipping company, to jointly incorporate a Mexican corporation to be named CR Offshore SAPI de CV” with the initial capital of MX$5,320,000.
Under the terms of the JV, ROH and CSP respectively will hold 2,606,800 and 2,713,200 Series I Shares, representing 49 per cent and 51 per cent of the total equity interest in CRO.
CRO will be principally engaged in management and operation of offshore support vessels for the offshore oil and gas sector in Mexico.