Pacific Radiance forms JV with Allianz Offshore Middle EastCompany News // May 23, 2017
Pacific Radiance Ltd says its wholly owned subsidiary, Crest Offshore Marine Pte Ltd has entered into a joint venture agreement with Allianz Offshore Middle East Ltd (AOME), a company incorporated in Saint Vincent and The Grenadines, to jointly incorporate a company in Singapore known as Allianz Radiance Pte Ltd (ARPL).
Under the terms of the JV Agreement, COM and AOME respectively will hold 51% and 49% equity interest in ARPL, making ARPL as indirect subsidiary of the company.
ARPL will be principally engaged in owning, managing, chartering and leasing offshore support vessels particularly in the Gulf Cooperation Council and Egypt offshore oil and gas segment.
The investment shall be funded through internal resources and is not expected to have any material impact on the company’s net tangible assets and earning per share of the company for the current financial year.