Pacific Radiance wins $62.7m worth of offshore contracts

Ten of its vessels will be deployed to support projects in Asia and the Middle East.

Provider of integrated offshore marine support services Pacific Radiance Ltd. has secured US$45.3m ($67,2m) worth of new contracts, including options, which will add to its operating cash flow.

Under the deals, ten of the Group’s offshore support vessels, including a diving support vessel, are being deployed to support projects in Asia and the Middle East. They are chartered to new and existing clients to provide services which include towing, repair and maintenance, transportation and platform support.

Executive chairperson of the group Pang Yoke Min said these latest contract wins will improve the Group’s vessel utilisation and underscore our efforts to build a sustainable long term business.

"Although global spending for exploration and production is expected to rise this year, market conditions will stay challenging,” he said.

Just last week, Pacific Radiance was granted $85m in loans under two Singapore government-backed financing schemes which aim to help local offshore and marine (O&M) companies gain financial support to weather the current severe industry downturn.

Under the enhanced Internationalisation Finance Scheme by International Enterprise (IE) Singapore, O&M companies can borrow up to $70m each for project or asset financing needs. As for Spring Singapore’s Bridging Loan scheme, each company can borrow up to $5m for a maximum of six years, to finance their operations and bridge short-term cash flow gaps. The maximum loan for each group borrower is $15m. The government will take on 70% of the risk share for both schemes.