Pacific Radiance to deploy 10 OSVs under new batch of contracts

Business & Finance

Singapore’s offshore support solutions provider Pacific Radiance has secured $45.3 million worth of new contracts, including options.

Pacific said on Thursday that, under these contracts, ten of the group’s offshore support vessels, including a diving support vessel, were being deployed to support projects in Asia and the Middle East.

The vessels are chartered to new and existing clients to provide services which include towing, repair and maintenance, transportation, and platform support.

Pang Yoke Min, the executive chairman of Pacific Radiance, said: “These latest contract wins will improve the group’s vessel utilization and underscore our efforts to build a sustainable long term business.

“Although global spending on exploration and production is expected to rise this year, market conditions will stay challenging.”

Just last week, Pacific Radiance was granted S$85 million ($61.5M) in loans under two Singapore government-backed financing.

The two programs – the Internationalisation Finance Scheme (IFS) by International Enterprise (IE) Singapore and the Bridging Loan (BL) scheme by Spring Singapore – aim to help local offshore and marine companies gain access to working capital and financing so they can weather the current prolonged industry downturn.

Under the enhanced IFS, O&M companies can borrow up to S$70 million each for project or asset financing needs. As for Spring Singapore’s Bridging Loan scheme, each company can borrow up to S$5 million 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 S$15 million. The government will take on 70% of the risk share for both schemes.