Two More for Pacific Radiance

Pacific Radiance Ltd. moves ahead with plans to expand and upgrade its offshore fleet by adding two high-specification platform supply vessels (PSVs) to its newbuild programme.

In September 2013, the group placed an order with a Chinese Shipyard for two PSVs utilising the Ulstein PX121 design, and has now exercised the option for two more PSVs of the same design. The latest pair of vessels are due to be delivered in 4Q 2015.

Mr James Pang, Managing Director (Commercial and Business Development) of Pacific Radiance, said: “Fresh from our successful initial public offering (IPO) in November 2013, we are keen to press home the advantage and accelerate plans to build up our presence in key markets. The latest vessel orders will enhance our ability to widen our foothold in the high-growth markets of Malaysia, Indonesia, Africa, Australia and Latin America.”

The vessels ordered by Pacific Radiance are designed to meet the requirements of Det Norske Veritas notation as a Clean Design & Comfort class. Each PSV is diesel electric driven, has a load capacity of 4,000 tonnes and can achieve a speed of 14.5 knots.

Measuring 83.4 metres in length and 18 metres in breadth, each can accommodate up to 30 persons. This latest order brings the Group’s newbuild programme to 19 vessels in all.

These acquisitions will be internally funded, using the net proceeds of S$150.6 million raised in the November listing and internally generated cash.

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Press Release, December 19, 2013