Pacific Radiance wins $45m worth of new contracts

Singapore offshore vessel owner Pacific Radiance has secured new contracts worth a total of $45.3m including options.

The contracts will utilise ten of the company’s vessels, including a dive support vessel, in both Asia and the Middle East.

Pacific Radiance did not reveal the clients or number of contracts, only saying the vessels have been chartered to new and existing clients for services such as towing, repair and maintenance, transportation and platform support.

Pang Yoke Min, executive chairman of Pacific Radiance, said: “These latest contract wins will improve the Group’s vessel utilisation and underscore our efforts to build a sustainable long term business. Although global spending for exploration and production is expected to rise this year, market conditions will stay challenging.”

Last week, the company secured S$85m ($61.5m) worth of loans under two Singapore government-backed financing schemes.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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