Singapore’s vessel operator Pacific Radiance has entered into a joint venture agreement with Allianz Offshore Middle East, forming a new company which will be involved in offshore vessel operations.
The agreement between Pacific Radiance’s subsidiary, Crest Offshore Marine, and Allianz, a company incorporated in Saint Vincent and The Grenadines, was entered into on Friday, May 19.
The pair will jointly incorporate a company in Singapore known as Allianz Radiance Pte. Ltd. (ARPL) with an initial capital of $100.00. ARPL has been incorporated on the same date the agreement was signed.
Under the terms of the JV agreement, Crest Offshore and Allianz Offshore respectively will hold 51% and 49% equity interest in ARPL, making ARPL an indirect subsidiary of Pacific Radiance.
Pacific Radiance said that ARPL will be principally engaged in owning, managing, chartering and leasing offshore support vessels particularly in the Gulf Cooperation Council and Egypt offshore oil and gas segment.