Pacific Radiance has through its wholly-owned subsidiary, Crest Offshore Marine, entered into a joint venture agreement with Allianz Offshore Middle East to jointly incorporate a company in Singapore known as Allianz Radiance.
Under the terms of the JV Agreement, Crest Offshore and Allianz Offshore respectively will hold 51% and 49% equity interest in the new company, making it an indirect subsidiary of Pacific Radiance.
Allianz Radiance will be principally engaged in owning, managing, chartering and leasing offshore support vessels particularly in the Gulf Cooperation Council and Egypt offshore oil and gas segment.