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Pacific Radiance ends West African venture, strengthens Malaysian ties

Pacific Radiance ends West African venture, strengthens Malaysian ties
Singapore’s Pacific Radiance has aborted its venture into the West African offshore market, but reinforced its position in Malaysia with new joint venture agreements.

Pacific Radiance said it has decided to terminate a joint venture via mutual agreement with Ghana’s The Cross Energy effective 16 November this year, after having only established the joint venture in April this year.

Singapore-listed Pacific Radiance said the joint venture termination is not expected to have any material financial impact on the company’s earnings for the current financial year.

The shortlived venture into West Africa followed the company’s announcement of partnership with Malaysia’s Duta Marine.

Alstonia Offshore, subsidiary of Pacific Radiance, has entered into joint venture agreements with Duta Marine to form Duta Maritime Ventures and Duta Maritime Alliances.

Both the new joint ventures will engage in the business of shipowning, chartering and the provision of offshore marine related services.

In March this year, Pacific Radiance formed its first joint venture with Duta Marine to set up Duta Radiance Maritim, which will focus on similar business as the latest establishments.