Pacific Radiance transfers Mexican assets and operations into joint venture

OFFSHORE marine services provider Pacific Radiance is transferring its key operations and assets in Mexico into a joint venture, in a move that it says will sharpen its overall competitive edge in the Gulf of Mexico.

The joint venture, Navigatis Radiance Pte Ltd, is 51 per cent indirectly owned by Pacific Radiance.

The balance is held by Navigatis S De RL De CV, a special purpose entity set up by Mexican private equity firm Axis Capital Management which has US$1.5 billion of assets under management. Navigatis will invest up to US$40 million to the joint venture which was formed on Sept 27 this year.

After the transfer, the joint venture vehicle Navigatis Radiance will own about 40 per cent effective interest in ship management company CR Offshore SAPI de CV, 99 per cent of vessel leasing company CEIBA Maritima, SAPI de CV, SOFOM ENR, two anchor handling tug supply vessels and a maintenance work boat.

Said Pacific Radiance executive chairman Pang Yoke Min: "Navigatis Radiance, with its enlarged operations and balance sheet as well as a modern and efficient fleet of support vessels, will sharpen our overall competitive edge in the Gulf of Mexico."

The collaboration with Navigatis and indirectly with Axis underscores the confidence that they have in Pacific Radiance's operational experience and fleet to secure opportunities in the region, he added.