Pacific Radiance deploys vessel on 5-year $90m contract

As part of its diversified fleet strategy.

Pacific Radiance has deployed its newly delivered offshore support vessel on a charter in South East Asia.

According to a media release by the company, the vessel is on a five-year contract worth more than US$70 million, including extension options, with a repeat client.

Mr Pang Yoke Minm, executive chairman of Pacific Radiance, said: “The quick deployment of this vessel despite the current oil price weakness attests to our robust business model of building and operating a relevant and diverse fleet that meets a wide range of market needs. We believe our fleet profile provides a relatively more sustainable
and stable income stream within the cyclical oil & gas sector. We are still in a growth phase and will continue to focus on increasing our presence in  emerging markets with high E&P spending."

This dynamic positioning Class 2-enabled vessel is expected to contribute to Group earnings from 4QFY14 onwards.