Offshore marine services supplier Pacific Radiance has won a $140M long term charter contract for one of its vessels that is still under construction, a deal seen as a vote of confidence in the prospects for emerging oil and gas markets.
Singapore based Pacific Radiance says the un-named client has signed the contract with the group's joint venture DOT Radiance Pte. Ltd two to three years ahead of the completion of construction on the offshore support vessel which will be used in a key emerging market, also un-named.
Pacific Radiance Executive Chairman Pang Yoke Min said: “To have a contract signed for a vessel two to three years ahead of its delivery affirms our strong industry network as well as understanding of our clients' needs to build market relevant vessels.
“We are pleased to secure this new client which will give us the opportunity to establish and grow our presence in a key emerging market, in line with our strategy.”
Pacific Radiance has other offices in Brazil, Mozambique and Indonesia and has a fleet of more than 130 vessels that the company says has given it a strong foothold across Asia and other emerging O&G markets, in Africa, Latin America and Australia. It says it is well placed to benefit from the growth in exploration and production (E&P) and subsea spending in these regions.
The company provides offshore support solutions throughout the oil and gas project life cycle. An offshore support services division owns and charters out a young and diverse offshore vessel fleet and the company also offers subsea inspection, repair and maintenance (IRM) services and light construction services. Other services include ship repair, project logistics and the supply, rental and maintenance of deck equipment.
The company recently reported a 57% growth in net attributable profit of $63.6 million on revenue of $135.0 million for the nine months ended Sept. 30. The results were underpinned by the improved utilisation and prompt deployment of the Group's newly delivered offshore support vessels and its ongoing fleet rejuvenation programme.