Pacific Radiance, a provider of integrated offshore marine support services, has re-established its presence in the Middle East with its recently inked multi-year contracts worth up to US$68 million, including options.
Under the multi-year contracts with independent and national oil companies, five of Pacific Radiance's offshore support vessels (OSVs) will support production campaigns in the Arabian Gulf. These vessels, which were previously off-hire, have already started work, adding to the Pacific Radiance's overall vessel utilization.
Besides the Middle East, Pacific Radiance also made further inroads into Mexico which recently liberalized its offshore oil and gas sector, allowing private and foreign direct investments and equity participation. Just last month, Pacific Radiance transferred its key operations and assets in Mexico to Navigatis Radiance, its 50%-owned indirect joint venture with Navigatis, to sharpen its position for growth opportunities in that market.