Pacific Radiance, Oceanteam Shipping form joint venture to operate OSVs

The Singapore-registered joint venture firm, named DOT Radiance, intends to engaged in the owning and chartering of OSVs, Pacific Radiance and Oceanteam Shipping both announced on Tuesday.

Singapore-listed Pacific Radiance added that the investment in the joint venture firm will be funded through internal resources, but the investment amount was not disclosed.

Oslo-listed Oceanteam Shipping said its 50% investment in the joint venture comes with an option to buy the remaining 50% after a period of seven years against agreed terms.

The establishment of joint ventures is not new to Pacific Radiance, as the company has also formed joint ventures in Australia and Mexico to expand its global network of OSV operations.

Together with its joint ventures and associates in Asia, Pacific Radiance currently owns and operates more than 130 OSVs.