Pacific Radiance's Crest Offshore Marine and Westsea Marine (S) have set up Westsea Radiance to engage in the business of ship ownership and other offshore marine related services in the offshore support vessel segment.
“Under the incorporation, the joint venture company intends to acquire two deepwater platform supply vessels to position itself to access the offshore oil and gas industry in Australia,” Singapore-listed Pacific Radiance said in an announcement on Monday.
The investment in the joint venture firm will be funded through internal resources, Pacific Radiance added.
Westsea Marine (S) is part of Westsea Marine's group of companies which have operations in Perth, Western Australia.
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