Singapore-based offshore vessel owner Pacific Radiance Ltd has secured US$45.3 million worth of new contracts, including options.
Under these contracts, 10 of the group’s offshore support vessels, including a diving support vessel, are being deployed to support projects in Asia and the Middle East.
They are being chartered to new and existing clients to provide services including 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.”
As previously highlighted by OSJ, Pacific Radiance was recently granted S$85 million in loans under two Singapore government-backed financing schemes which aim to help local offshore and marine companies gain financial support to weather the current downturn.