Singapore: Pacific Radiance’s new offshore support vessel (OSV) has won a five-year contract worth more than $70m with a repeat client.

The OSV will be mobilised to southeast Asia under the contract, which includes extension options.

“The quick deployment of this vessel despite the current oil price weakness attests to our robust business model of building and operating a relevant and diverse fleet that meets a wide range of market needs,” said Pang Yoke Min, the executive chairman of Pacific Radiance, which is listed in Singapore and provides integrated offshore marine services to the oil and gas industry.

“We are still in a growth phase and will continue to focus on increasing our presence in emerging markets with high E&P spending,” he continued. [3/11/14]

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