Pacific Radiance stalls $140M worth charter

Singapore-based provider of offshore marine services Pacific Radiance has delayed a charter for one of its offshore construction support vessels, that is still under construction, by a year. 

In November 2014, the company’s joint venture with DOT Holdings, named DOT Radiance, secured a long-term charter contract for one of its vessels ahead of its expected delivery in 2016/17. Diavaz-Oceanteam Shipping (DOT) is Oceanteam’s subsidiary.

The contract is worth over $140 million, including extension options. At the time of signing of the charter contract, the CSV Tampamachoco 1 (T1) was in its early stages of construction.

Pacific Radiance said in an update on Friday that DOT Radiance on December 2, 2016, agreed with the client to defer delivery of the vessel under the charter party to December 31, 2017.

The parties to the joint venture have also agreed to work towards finding alternative employment for the vessel should one be available before December 31, 2017, Pacific added.

Earlier this week, the company’s executive director Mok Weng Vai was arrested by the Corrupt Practices Investigation Bureau under suspicion of an offence under the pevention of corruption act in Singapore. Mok Weng Vai has not been charged in court, and was released on police bail on the same day, December 2.

Offshore Energy Today Staff

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