Offshore and marine company Pacific Radiance has been granted $85 million in loans under two government-backed financing schemes.
International Enterprise Singapore's Internationalisation Finance Scheme (IFS) and Spring Singapore's Bridging Loan (BL) initiative will help support the group's working capital needs over the medium term.
Offshore and marine companies can borrow up to $70 million each, under the IFS. Pacific Radiance's IFS loan will be disbursed in stages and is subject to its fulfilment of certain conditions.
The Spring Singapore scheme allows a company to borrow up to $15 million. The Government will take on 70 per cent of the risk share for both the IFS and BL loans. Pacific Radiance has also got the loans approved by DBS and UOB.
Boustead Projects has secured a design-and-build contract from Veolia ES Singapore Industrial for a hazardous chemical waste treatment facility in Tuas.
The facility - the company's first in the hazardous chemical waste area - will include an office building and a laboratory.
The contract has raised the group's order book backlog to about $170 million, but it is not expected to have a material impact on the group's profitability in the financial year ending March 31, 2018.