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Pacific Radiance forms joint venture with Zhenjiang Shipyard

Pacific Radiance forms joint venture with Zhenjiang Shipyard
Singapore’s Pacific Radiance has struck a joint venture deal with China’s Jiangsu Zhenjiang Shipyard (Group) Co.

Crest Offshore Marine, subsidiary of Pacific Radiance, will jointly own the new set up Radiance ZJ with the Chinese shipyard.

The latest deal is a second joint venture agreement for Pacific Radiance, which earlier this week also entered into a joint venture agreement with Malaysia’s Duta Marine.

Radiance ZJ will be principally engaged in owning and operating an offshore support vessel, Pacific Radiance announced on Wednesday.

It added that the investment in the joint venture firm was funded through internal resources.