Pacific Radiance declares options on PSV pair

The options at an undisclosed Chinese yard are for two Ulstein PX121 design PSV a follow an order for a similar pair of vessels in September. The newbuildings are expected to be delivered in the fourth quarter of 2015.

“Our project management team will be working hand-in-hand with Ulstein's design engineers when the vessels are built in China,” said James Pang, managing director of commercial and business development for Pacific Radiance.

The newbuildings will be funded from the SGD150.6m ($119.25m raised in the initial public offering by Pacific Radiance on the Singapore Exchange last month.

“Fresh from our successful initial public offering (IPO) in November 2013, we are keen to press home the advantage and accelerate plans to build up our presence in key markets. The latest vessel orders will enhance our ability to widen our foothold in the high-growth markets of Malaysia, Indonesia, Africa, Australia and Latin America," Pang said.

The latest orders bring the company’s newbuilding orderbook to 19 vessels.