Singapore: Pacific Radiance announced that its indirect subsidiary, Radiance Offshore Holdings (ROH), has entered into a joint venture agreement with Consultoría y Servicios Petroleros (CSP), a Mexican shipping company, to jointly incorporate a Mexican corporation to be named CR Offshore S.A.P.I. de C.V. (CRO) with the initial capital of MX$5,320,000. Under the terms of the joint venture agreement, ROH and CSP respectively will hold 49% and 51% 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. [24/06/14]