Pacific Radiance lands $73m vessel charter deal in Mexico

The maintenance work boat (MWB), delivered in the first half of this year, is Pacific Radiance’s third vessel to operate in Mexico, one of the company’s key target markets, adding to its two AHTS vessels which have been operating in the region since 2014.

Under the multi-year contract inked with a new client, the MWB will be deployed to perform platform maintenance, diving and subsea maintenance, as well as offshore construction work.

“Mexico remains a promising target market where the government authorities have recently called for tenders for both shallow and deepwater development projects,” said Pang Yoke Min, executive chairman of Pacific Radiance.

Pang added that the company bets on its business model of constructing “build to spec” and fit for purpose vessels to cater to clients’ needs, ensuring that its fleet continues to stay relevant to the market.

Other than Mexico and Latin America, Pacific Radiance is also targeting to cement its presence in Asia and Middle East.

Meanwhile, the company last week gained support from key lenders with refinancing of existing term loans and renewing of revolving credit facilities totalling approximately $185m.