Offshore marine services provider Pacific Radiance is transferring its key operations and assets in Mexico into a joint venture.
The joint venture, Navigatis Radiance, is 51 percent indirectly owned by Pacific Radiance, while the rest of the shares are owned by Navigatis S De RL De CV, a special purpose entity set up by Mexican private equity firm Axis Capital Management.
Upon completion of the transfer, Navigatis Radiance will own about 40 percent interest in ship management company CR Offshore SAPI de CV, 99 percent of vessel leasing company CEIBA Maritima, SAPI de CV, SOFOM ENR, two anchor handling tug supply vessels and a maintenance work boat.
“Navigatis Radiance, with its enlarged operations and balance sheet as well as a modern and efficient fleet of support vessels, will sharpen our overall competitive edge in the Gulf of Mexico,” said Pang Yoke Min, executive chairman of Pacific Radiance.
