Pacific Radiance unit starts joint venture with DOT Holdings

SINGAPORE - A subsidiary of offshore marine firm Pacific Radiance has entered into a joint venture with Norwegian company DOT Holdings.

Singapore-listed Pacific Radiance said on Tuesday that the joint venture company will be incorporated in Singapore and named DOT Radiance. Pacific Radiance's unit Radiance Offshore Holdings signed the joint venture agreement with DOT Holdings on Monday.

The joint venture company plans to own and charter offshore support vessels, Pacific Radiance said in a filing with the Singapore Exchange.

Its investment in the company will be funded through internal resources and is not expected to have any material impact on its net tangible assets and earnings per share for the current financial year.