ThePang Yoke Min-led company said net income was $17.3m versus the $8.2m seentwelve months earlier.
Revenue at the Singapore-listed companyincreased by 33% year-on-year to $42m, while costs increased by only 10% to$25.1m.
Itattributed the improved revenue to higher utilisation of its fleet and the quickemployment of new higher spec tonnage delivered late last year.
“Theoutlook for the oil and gas industry remains positive and will continue todrive demand for offshore support services in various key markets,” PacificRadiance said.
“Therefore,utilisation levels and charter rates of offshore support vessels are expectedto remain strong.”
Thecompany says it expects 14 new vessels to be delivered this year, mostly in thesecond half of the year.
“We also constantly review our newbuilding programmeand existing fleet composition to ensure that the fleet remains relevant to themarket,” Pacific Radiance said.
