Pacific Radiance finds Middle East work for five OSVs
Pacific Radiance, a provider of integrated offshore marine support services, has recently inked multi-year contracts worth up to $68 million, including options, in the Middle East.
The company said on Tuesday that, under the multi-year contracts with independent and national oil companies, five of the group’s offshore support vessels (OSVs) will support production campaigns in the Arabian Gulf.
These vessels, which were previously off-hire, have already started work, adding to the group’s overall vessel utilization, the company added.
Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: “This prolonged downturn has been more severe than any, the oil & gas industry has ever experienced. At Pacific Radiance, we have been taking steps since the onset in 2014 to ensure that our business remains sustainable in the current adverse operating conditions.”
Besides the Middle East, Pacific Radiance also made further inroads into Mexico which recently liberalized its offshore oil & gas sector, allowing private and foreign direct investments and equity participation.
Just last month, the group transferred its key operations and assets in Mexico to Navigatis Radiance, its 50%-owned indirect joint venture with Navigatis, to sharpen its position for growth opportunities in that market.
Navigatis is a special purpose entity established by Axis Capital Management which manages $1.5 billion of assets.