Singapore-based offshore vessel operator Pacific Radiance has signed $68m multi-year contracts with independent and national oil companies in the Middle East.
Under the contracts, Pacific Radiance will provide five offshore support vessels (OSVs) to support production campaigns across the Arabian Gulf.
The previously unoccupied vessels have already starting working in the offshore fields.
Pacific Radiance executive chairman Pang Yoke Min said: “This prolonged downturn has been more severe than any, the oil and gas industry has ever experienced. At Pacific Radiance, we have been taking steps since the onset in 2014 to ensure that our business remains sustainable in the current adverse operating conditions.
“These contracts demonstrate the versatility of our diverse fleet, supported by the group’s continued efforts to improve cashflow, as well as grow and deepen our footprint in key target markets in Asia, Latin America and Africa.”
Apart from Middle East, the company has also started working in Mexico, which has recently liberalised its offshore oil and gas sector for foreign investment.
Last month, Pacific Radiance transferred its key operations and assets in Mexico to Navigatis Radiance.
Pacific Radiance owns 50% of Navigatis Radiance, which is a joint venture with Navigatis, a special purpose entity formed by private investment firm Axis Capital Management.