Pacific Radiance re-enters Middle East with US$68m contracts

MAINBOARD-LISTED offshore support vessel (OSV) owner-operator Pacific Radiance said after Tuesday trading hours it has secured US$68 million in multi-year contracts in the Middle East.

The OSV player said five of its vessels, signed up for the multi-year contracts plus options, will support production campaigns in the Arabian Gulf.

These OSVs, which were previously off-hire, have already started work, adding to the group's overall fleet utilisation, it said.

With the five OSVs on hire in the Middle East, the mainboard-listed vessel owner-operator said it has re-established its presence in the region.