Pacific Radiance acquires contract for newbuildVessel & ROV News // November 17, 2014
Pacific Radiance Ltd has secured a long term charter contract worth over US$140 million, including extension options, for one of its vessels ahead of its expected delivery in 2016/17.
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. The vessel is in its early stage of construction.
Pang Yoke Min, 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."