Pacific Radiance bags US$45.3m worth of new contracts

OFFSHORE support vessel (OSV)-focused Pacific Radiance said after trading closed on Thursday that it has won US$45.3 million of new contracts including options, which will add to its operating cash flow.

These contracts called on the group to deploy 10 OSVs on its fleet to support projects in Asia and the Middle East.

The OSV players said that its vessels are chartered to new and existing clients to provide services including towing, repair and maintenance, transportation and platform support.

Executive chairman of the OSV group, Pang Yoke Min said: "These latest contract wins will improve the group's vessel utilisation and underscore our efforts to build a sustainable long-term business."

Mr Pang also noted increases in exploration and production spend this year for the oil and gas sector, which fuels OSV demand. But he warned that market conditions will stay challenging for the OSV sub-sector.