Pacific Radiance Scores $68 Mln in Contracts

Pacific Radiance has re-established its presence in the Middle East with its recently signed multi-year contracts worth up to US$68 million, including options.

Under the multi-year contracts with independent and national oil companies, five of the Group’s offshore support vessels (OSVs) will support production campaigns in the Arabian Gulf. These vessels, which were previously off-hire, have already started work.

Pang Yoke Min, the executive chairman of Pacific Radiance, said: “This prolonged downturn has been more severe than any, the oil & gas industry has ever
experienced. At Pacific Radiance, we have been taking steps since the onset in 2014 to ensure that our business remains sustainable in the current adverse operating conditions.

“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.”

Share this article

Follow Subsea World News

Events>

<< Jan 2017 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Oil & Gas IP Summit

The conference will cover areas like Evaluating Best Practice Techniques for IP Portfolio Management and Innovation Strategies,Collaborative…

read more >

European Gas Conference 2017

In recent years the gas market has undergone tremendous shifts with the emergence of new supply sources, the comeback of coal in the power…

read more >

Well Control – Subsea Engineer Programme

The Training Academy’s IADC accredited Subsea Engineer Programme (SSEP) has been recognized by the industry’s major drilling contractors…

read more >

Offshore West Africa 2017

Offshore West Africa 2016 brought together a record-breaking attendance of oil & gas professionals, creating a vibrant networking experience,…

read more >