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Pacific Radiance joint venture wins US$140m charter for a vessel under construction

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Offshore marine services firm Pacific Radiance announced a joint venture had won a long-term charter contract worth over US$140 million (S$181 million).

OFFSHORE marine services firm Pacific Radiance announced a joint venture had won a long-term charter contract worth over US$140 million (S$181 million).

The contract includes extension options, and is for one of its vessels under construction and due to be completed in 2016 or 2017.

"The vessel will be chartered to a new client to perform offshore support services in a key emerging market," the firm said in a statement.

The firm reported a US$13.1 million net profit for the third quarter ended Sept 30 due to increased gains from sale of vessels, up 24 per cent from US$10.6 million a year ago. Revenue fell 9 per cent from US$48.6 million to US$44.4 million due to lower contributions from its subsea business.

Pacific Radiance closed at S$0.95 last Friday, a nine-month low.