Pacific Radiance unit wins S$101m charter contract in Mexico

SINGAPORE - Pacific Radiance said on Wednesday (Nov 2) its unit has bagged a US$73 million (S$101.4 million) charter contract "in spite the muted offshore oil & gas market".

Under the multi-year contract inked with a new client, the group's newly-built maintenance work boat will be its third vessel to operate in Mexico, one of its key target markets.

It will be deployed to perform platform maintenance, diving and subsea maintenance, as well as offshore construction work.

The contract was won by the group's indirect wholly-owned subsidiary, Radiance Alliance Pte Ltd.

Said Pacific Radiance executive chairman Pang Yoke Min: "Mexico remains a promising target market where the government authorities have recently called for tenders for both shallow and deepwater development projects.

"The quick deployment of our newly delivered vessel in this industry downturn underscores our successful business model of constructing 'build to spec' and fit for purpose vessels to cater to our clients' needs, ensuring our fleet continues to stay market relevant and ready to meet a wide range of market needs globally, including the demand for younger and more efficient vessels."