Pacific Radiance bags $100m charter contract

The MWV will be chartered to an international oil major for up to seven years, including extensions, according to Pacific Radiance. The MWV is expected to be deployed for a project in Southeast Asia.

“This latest win reinforces Pacific Radiance's firm standing in the sector and underlines our strategy to add larger and more sophisticated vessels while keeping our fleet diverse and relevant to market trends,” said Pang Yoke Min, executive chairman of Pacific Radiance.

“Furthermore, our strategic newbuild programme places the group in a prime position to widen our footprint in Asia as well as make inroads into our target markets in Africa, Australia, South and Central America where E&P spending is expected to rise,” he continued.

Under the company's newbuild programme, it expects 13 more vessels ranging from platform supply vessels (PSVs) and anchor handling tug supply (AHTS) vessels to a remotely operated support vessel, for delivery in the financial year 2014.

These diverse newbuilds are expected to enhance the group's medium to deepwater capabilities to capture opportunities in the market as its clients move into deeper waters, the company said.