Pacific Radiance secures contracts for 10 vesselsContracts, Tenders and Rates // June 16, 2017
Pacific Radiance Ltd has secured US$45.3 million worth of new contracts, including options, which will add to its operating cashflow.
Under these contracts, 10 of the group’s offshore support vessels, including a diving support vessel, are being deployed to support projects in Asia and the Middle East.
They are chartered to new and existing clients to provide services which include towing, repair and maintenance, transportation and platform support.
Pang Yoke Min, Executive Chairman of Pacific Radiance, said: “These latest contract wins will improve the group’s vessel utilisation and underscore our efforts to build a sustainable long term business. Although global spending for exploration and production is expected to rise this year, market conditions will stay challenging.”
Pacific Radiance was recently granted S$85 million in loans under two Singapore government-backed financing schemes which aim to help local offshore and marine companies gain financial support to weather the current downturn.