Pacific Radiance has re-established its presence in the Middle East through a new series of contracts valued at $68m.
The Singapore-listed company has sealed deals for five offshore support vessels (OSVs), which will support production projects in the Arabian Gulf.
These ships were previously off-hire and give a boost to the group’s fleet utilisation, Pacific Radiance added.
Pang Yoke Min, executive chairman of Pacific Radiance, said: “These contracts demonstrate the versatility of our diverse fleet, supported by the group’s continued efforts to improve cashflow, as well as grow and deepen our footprint in key target markets in Asia, Latin America and Africa.”
The company’s boss noted that this is the most prolonged downturn that the oil and gas industry has ever experienced.
As part of its efforts to weather the storm, Pacific Radiance has set up a new joint venture with Axis Capital Management in Mexico.
