Singapore: Singapore-based offshore service provider Pacific Radiance has ordered two more vessels as part of its move to expand the fleet after a successful IPO in Singapore last month.
The company has added two high-specification PSVs to be built in China utilising the Ulstein PX121 design, options from an order placed in September, with the latest pair of vessels due for delivery late 2015.
The vessel acquisitions will be internally funded, using cash generated from the IPO, and the company now has nineteen new vessels on order.
James Pang, md for commercial and business development at Pacific Radiance, said: “Fresh from our successful initial public offering (IPO) in November 2013, we are keen to press home the advantage and accelerate plans to build up our presence in key markets. The latest vessel orders will enhance our ability to widen our foothold in the high-growth markets of Malaysia, Indonesia, Africa, Australia and Latin America.” [19/12/13]