Singapore: Just a day after setting up a vessel owning and operating jv in Malaysia, Singapore offshore operator Pacific Radiance has said that its wholly-owned subsidiary, Crest Offshore Marine, has entered into a jv with Jiangsu Zhenjiang Shipyard in China to set up new company Radiance ZJ.
The company has been registered in Singapore and the statement from Pacific Radiance says it will be engaged in owning and operating an offshore support vessel.
Mike Meade, ceo of offshore broking firm M3 Marine, told Splash the deal between the two parties is likely an avenue for Pacific Radiance to lock in Chinese finance for vessels it will order at the yard. Meade commented: “It makes sense, it will keep the yard utilisation up and Pacific Radiance gets cheaper vessels. Jiangsu Zhenjiang is a good quality yard and Pacific Radiance are highly regarded in the business, so its a true win win”.