SINGAPORE (Jan 10): Pacific Radiance, the provider of integrated offshore marine support services, recently won contracts with options of up to US$68 million (S$97.6 million).

Under the multi-year contracts with independent and national oil companies, five of the 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 group's overall vessel utilisation.

Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: “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.”

Shares of Pacific Radiance closed at 14 Singapore cents.