Pacific Radiance has secured USD 45.3 million worth of new contracts, including options.
Under these contracts, ten of the Group’s offshore support vessels, including a diving support vessel, are 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 utilisation and underscore our efforts to build a sustainable long term business.
“Although global spending for exploration and production is expected to rise this year, market conditions will stay challenging.”