Under the contracts with independent and national oil firms, five Pacific Radiance’s OSVs will support production campaigns in the Arabian Gulf. These offshore vessels, which were previously off-hire, have already started work.
The latest contract wins for Pacific Radiance came at a time when the global offshore industry is going through a protracted slump, marked by low vessel utilisation and rates.
“This prolonged downturn has been more severe than any, the oil and 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,” said Pang Yoke Min, executive chairman of Pacific Radiance.
“These contracts demonstrate the versatility of our diverse fleet, supported by the group’s continued efforts to improve cashflow, as well as grow and deepen our footprint in key target markets in Asia, Latin America and Africa,” Pang added.
Besides the Middle East, Pacific Radiance also made further inroads into Mexico. Last month, the group transferred its key operations and assets in Mexico to Navigatis Radiance, its 50% owned indirect joint venture with Navigatis S. De. R.L. De C.V, to sharpen its position for growth opportunities in that market.