Pacific Radiance Ltd News

Singapore's Offshore support vessel (OSV)-focused Pacific Radiance said that it has won US$45.3 million of new contracts including options, which will add to its operating cash flow. Under these contracts, ten of the Group’s offshore support vessels, including a diving support vessel, are being deployed to support projects in Asia and the Middle East. They are chartered to new and existing clients to provide services which include towing, repair and maintenance, transportation and platform support. Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: “These latest contract wins will improve the Group’s vessel utilisation and underscore our efforts to build a sustainable long term business.

Oceanteam Shipping ASA says that it has secured, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel, and as a result a 
partnership with Pacific Radiance Ltd., subject to certain conditions subsequent, has been established. Once full closure is reached the initial interest of DOT Holdings AS is 50%. The investment comes with an option to buy the remaining 50% after a period of 7 years against agreed terms. The commercial terms remain confidential. The project is fully financed upon closure of certain conditions subsequent. Closure of remaining conditions subsequent, are expected to be finalised in the coming month.

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, the company said on Thursday. The deal comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors. POSH priced the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, it said in its prospectus.

Wärtsilä is to supply complete and fully integrated power generation and propulsion packages for three vessels being built for Pacific Radiance Ltd., the Singapore based company specialising in offshore service activities. In each case, the company’s main requirements were to achieve greater efficiency, better fuel consumption, and lower emission levels. The orders were received during the second quarter of 2012. Two 86 metre, Platform Supply Vessels (PSV) are to be built at the Huang Pu shipyard in China, while the Zhenjiang shipyard, also in China, will build a hybrid Anchor Handling Tug Supply (AHTS) vessel with more than 210 Ton Bollard Pull (TBP).