Pacific Radiance in Mexican joint venture

Pacific Radiance, a Singapore-based provider of integrated offshore marine services in Asia and beyond, and Mexico’s Consultoría y Servicios Petroleros, S.A. de C.V have agreed to establish a joint venture company.

Singapore’s Pacific Radiance Ltd. has through its indirect subsidiary, Radiance Offshore Holdings Pte. Ltd. (“ROH”) has entered into a Joint Venture Agreement with Consultoría y Servicios Petroleros, S.A. de C.V., (“CSP”), a Mexican shipping company, to jointly incorporate a Mexican corporation to be named “CR Offshore S.A.P.I. de C.V.” (the “CRO”) with the
initial capital of MX $5,320,000.

Under the terms of the Joint Venture Agreement, ROH and CSP respectively will hold 2,606,800 and 2,713,200 Series I Shares, representing 49% and 51% of the total equity interest in CRO.  CRO will be principally engaged in management and operation of offshore support vessels for the offshore oil and gas sector in Mexico.

The above investment 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, Pacific Radiance said in a statement.