Pacific Radiance nets long-term charter in Mexico
- Business & Finance
Pacific Radiance, a provider of integrated offshore marine support services, has won a long-term charter in Mexico worth $73 million, including options.
Delivered in 2016, the maintenance work boat (MWB) is the group’s third vessel to operate in Mexico, adding to its two anchor handling tug supply (AHTS) vessels which have been operating in the region since 2014.
Under the multi-year contract inked with a new, unnamed client, the MWB will be deployed to perform platform maintenance, diving and subsea maintenance, as well as offshore construction work. The contract was won by the group’s indirect wholly-owned subsidiary, Radiance Alliance.
Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: “Mexico remains a promising target market where the government authorities have recently called for tenders for both shallow and deepwater development projects. The quick deployment of our newly delivered vessel in this industry downturn underscores our successful business model of constructing “build to spec” and fit for purpose vessels to cater to our clients’ needs, ensuring our fleet continues to stay market relevant and ready to meet a wide range of market needs globally, including the demand for younger and more efficient vessels.”