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Pacific Radiance inks OSV contracts for Asia, Middle East

Pacific Radiance has bagged contracts for 10 OSVs in Asia and the Middle East worth $43.5m.

The contracts with undisclosed new and existing clients are for the provision services which include towing, repair and maintenance, transportation and platform support services, and include a DSV.

The contracts are worth $43.5m in total including options.

“These latest contract wins will improve the group’s vessel utilisation and underscore our efforts to build a sustainable long term business,” said Pang Yoke Min, executive chairman of Pacific Radiance.

“Although global spending for exploration and production is expected to rise this year, market conditions will stay challenging.”

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