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Pacific Radiance in jv with Allianz Offshore Middle East

Singapore-based OSV owner Pacific Radiance has formed a joint venture with Allianz Offshore Middle East (AOME).

Pacific Radiance will hold a 51% stake in the joint venture, Allianz Radiance Pte Ltd (ARPL), and AOME 49%, which will target business in the Middle East.

“ARPL shall be principally engaged in owning, managing, chartering and leasing offshore support vessels particularly in the Gulf Cooperation Council and Egypt offshore oil and gas segment,” Pacific Radiance.

Given the highly depressed state of Southeast Asian offshore marine markets Singapore OSVs owners have been targeting the Middle East market which remains relatively buoyant in terms of utilisation levels if not day rates.

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