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.
“Although global spending for exploration and production is expected to rise this year, market conditions will stay challenging.”
Just last week, Pacific Radiance was granted S$85 million in loans under two Singapore government-backed financing schemes which aim to help local offshore and marine (O&M) companies gain financial support to weather the current severe industry downturn.
Under the enhanced Internationalisation Finance Scheme by International Enterprise
(IE) Singapore, O&M companies can borrow up to S$70 million each for project or asset financing needs. As for Spring Singapore’s Bridging Loan scheme, each company can borrow up to S$5 million for a maximum of six years, to finance their operations and bridge short-term cash flow gaps.
The maximum loan for each group borrower is S$15 million. The government will take on 70% of the risk share for both schemes. Pacific Radiance Ltd. provides offshore support solutions
to an expanding client base, catering to their key needs throughout the oil and gas (O&G) project life cycle.