Pacific Radiance, CSP set up JV to serve Mexico's OSV sector

Pacific Radiance Ltd.

Singapore-listed Pacific Radiance Ltd. reports that its indirect subsidiary, Radiance Offshore Holdings Pte. Ltd. (ROH), has entered into a joint venture agreement with Consultoría y Servicios Petroleros SA de CV (CSP), a Mexican shipping company, to jointly incorporate a Mexican corporation to be named CR Offshore SAPI de CV (the CRO) with the initial capital of $406,980 (MX$ 5,320,000).

Under the terms of this agreement, ROH and CSP respectively will hold 2,606,800 and 2,713,200 Series I shares, representing 49% and 51% of the total equity interest in CRO.

CRO will be principally engaged in management and operation of offshore support vessels for the offshore oil and gas sector in Mexico.
The above investment will be funded through internal resources and is not expected to have any material impact on Pacific Radiance’s net tangible assets and earnings per share of the company for the current financial year.

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