Pacific Radiance unit clinches US$73m contract for newbuild vessel

OFFSHORE marine support services firm Pacific Radiance has won a new contract for a newbuild vessel to be used in Mexico.

The multi-year contract, won by the group's indirect wholly owned subsidiary Radiance Alliance, is worth US$73 million including options, it said.

The maintenance work boat will be deployed to perform platform maintenance, diving and subsea maintenance, as well as offshore construction work.

It will be the group's third vessel to operate in Mexico, adding to two anchor handling tug supply vessels that have been operating there since 2014.

Pacific Radiance executive chairman Pang Yoke Min said that Mexico remains a promising target market as its government has recently called for tenders for both shallow and deepwater development projects.

"The quick deployment of our newly delivered vessel in this industry downturn underscores our successful business model of constructing 'build to spec' and fit for purpose vessels to cater to our clients' needs, ensuring our fleet continues to stay market relevant and ready to meet a wide range of market needs globally, including the demand for younger and more efficient vessels," he added.