Pacific Radiance defers charter of newbuild OSV

The long term charter contract worth over $140m, including extension options, was made in November 2014 between Pacific Radiance’s joint venture DOT Radiance and an unnamed charterer. The vessel’s original delivery was in 2016/17.

Pacific Radiance updated that “DOT Radiance has on 2 December 2016 agreed with the charterer to defer delivery of the vessel under the charterparty to 31 December 2017.”

The company’s statement added that the “parties to the joint venture have also agreed to work towards finding alternative employment for the vessel should one be available before 31 December 2017.”