Singaporean offshore marine support firm Pacific Radiance has won $45.3 million worth of new contracts.
Under the agreement, ten of the firm’s offshore vessels will be deployed to support projects in Asia and the Middle East.
The ships have been chartered to new and existing clients to provide services including towing, repair and maintenance and platform support.
Pacific Radiance executive chairman Pang Yoke Min 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.”
Last week the company was awarded $61.5 million in loans under two Singapore government-backed finance schemes which aim to provide support for companies to weather the oil and gas downturn.
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