Pacific Radiance picks up more work in Middle EastContracts, Tenders and Rates // January 11, 2017
Pacific Radiance Ltd has re-established its presence in the Middle East with 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 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.
Pang Yoke Min, Executive Chairman of Pacific Radiance, said: “This prolonged downturn has been more severe than any the oil and 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.”