Pacific Radiance Group News

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.

Singapore based Pacific Radiance Group ordered two platform supply vessels (PSV) of the Ulstein PX121 design for construction at a Chinese yard. The vessels are estimated for deliveries in Q2 and Q3 2015. The contract includes options for two more vessels. The Pacific Radiance Group is currently managing more than 120 vessels. “After researching a few designs we found that the PX121 design suits our targeted markets in the best possible way”, said James Pang in Pacific Radiance.