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Pacific Radiance wins $73m Mexican charter

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.

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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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