Crest Offshore and Westsea Marine sign JV agreement

Pacific Radiance Ltd. has announced that  its wholly-owned subsidiary, Crest Offshore Marine Pte. Ltd., has entered into a joint venture agreement with Westsea Marine (S) Pte. Ltd., on 7 April 2014.

Westsea Marine (S) is part of the Australia-based Westsea Marine’s group of companies. The Westsea Marine’s group of companies have operations in Perth, Western Australia and are providers of maritime services, vessel owners and operators of a modern diversified fleet of offshore support vessels fleet including Anchor Handling Tugs, Platform Supply Vessels, Utility Tugs, Multi-cats, Crew Transfer Vessels and the largest fleet of barges in the region.

Under the terms of the Joint Venture Agreement, Crest Offshore Marine and Westsea Marine (S) have agreed to jointly incorporate a company, to be named “Westsea Radiance Pte. Ltd.”. The JV Company intends to be engaged in the business of ship ownership and other offshore marine related services, in the offshore support vessel segment. Upon incorporation, the JV Company intends to acquire two deepwater platform supply vessels to position itself to access the offshore oil and gas industry in Australia. A further announcement will be provided in due course when the JV Company has been incorporated.

The investment in the JV Company will be funded through internal resources and is not expected to have any material impact on the Company’s net tangible assets and earnings per share of the Company for the current financial year.