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Pacific Radiance integrates Mexico assets

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.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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