US$800m plan to boost Pacific Radiance fleet

RECENTLY listed Pacific Radiance plans to upsize and upscale its offshore oil-and- gas services fleet over the next five years in an estimated US$800 million newbuilding investment programme which could make it one of the largest offshore vessel owners and operators in the region.

The investment includes US$320.8 million in capital expenditure the group had earmarked for 17 new vessels on order and to be delivered over the next two years. These newbuilds will add to its existing fleet of 80 vessels wholly owned and operated by the group.

James Pang, the company's managing director of commercial and business development, said: "We need to continue to grow to cater to the rising demands and requirements of our customers, which could see us adding another five or six vessels per year over the next five years. Depending on the type of vessels, costs could range from US$20 million to US$50-60 million each."