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Pacific Radiance secures new charter

Singapore-based offshore oilfield service provider Pacific Radiance has clinched a charter contract for newly built vessel Crest Apollo 2, reports IHS Maritime. The vessel is on a five-year contract worth more than $70M, including extension options, with a repeat client. Pacific Radiance Executive Chairman Pang Yoke Min said: "The quick deployment of this vessel, despite the current oil price weakness, attests to our robust business model of building and operating a relevant and diverse fleet that meets a wide range of market needs. We believe our fleet profile provides a relatively more sustainable and stable income stream within the cyclical oil and gas sector. Pacific Radiance would not reveal the vessel name but IHS Maritime's Sea-web.com data shows the vessel is likely to be platform supply vessel Crest Apollo 2, built at Guangzhou Huangpu Shipbuilding last month.