Pacific Radiance secures vessel contract worth over $181 million from new client

Mainboard-listed Pacific Radiance, a provider of integrated offshore marine services in Asia and beyond, said Monday it has secured a long term charter contract worth over US$140 million (S$181.48 million), including extension options, for one of its vessels ahead of its expected delivery in 2016/17.

Under the contract, which was secured by the group's joint venture, DOT Radiance Pte. Ltd., the vessel will be chartered to a new client to perform offshore support services in a key emerging market. The vessel is in its early stage of construction.

Said executive chairman Pang Yoke Min: "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."

Last week, the company reported a 57 per cent jump in net attributable profit of US$63.6 million on the back of revenue of US$135.0 million for the nine months ended 30 September 2014.

Join ST's Telegram channel and get the latest breaking news delivered to you.