Singapore OSV owner Pacific Radiance has won a long term charter for a maintenance work boat worth $73 million including options.
The 2016-built work boat is the third vessel Pacific Radiance has operating in Mexico, a market it is aggressively targeting, adding to its two AHTS vessels operating there since 2014.
The vessel will be deployed to perform platform maintenance, diving and subsea maintenance, as well as offshore construction work. Other details of the contract, including the contract length and charterer, were not revealed.
Pang Yoke Min, executive chairman of Pacific Radiance, commented: “Mexico remains a promising target market where the government authorities have recently called for tenders for both shallow and deepwater development projects.”
As well as targeting Mexico and Latin America, Pacific Radiance says it is working to further cement its presence in Asia and Middle East.
Last week, Pacific Radiance refinanced term loans and renewed revolving credit facilities with key lenders totalling around $185m, reducing the group’s term loan principal repayment by around $103m through to 2019.