Pacific Radiance picks up more refit, repair and decom work

Led by executive chairman Pang Yoke Min, Pacific Radiance was long known as one of the leading vessel owners in the region. It restructured in 2021-2022, transitioning to an asset-light strategy that saw most of the vessels it owned disposed of, as it refocused on shipmanagement and marine engineering services, including vessel retrofitting and decommissioning.

The company said the new contracts “underscore the group’s continued competitiveness in vessel retrofit, upgrading, decommissioning and conversion work,” and said they would “contribute positively to the group’s orderbook and revenue visibility.”

The newly won contracts include retrofit work on an offshore support vessel (OSV), decommissioning work on a platform supply vessel, and conversion work on another OSV.

The company said it is to undertake retrofit and upgrade work on an offshore support vessel for an existing customer. The company did not name the owner of the vessel but described it as a reputable offshore support vessel owner and operator with fleet operations across southeast Asia and the Middle East. The project is due to be completed by Q2 2026.

The decommissioning work on the PSV is being undertaken for an unnamed multinational corporation, which Pacific Radiance described as “one of the world’s largest oilfield services companies.” This project is due to be completed by Q3 2026.

The third project will see Pacific Radiance undertake conversion work on another OSV, converting it into a shallow water trenching support vessel for what the company described as “a European conglomerate specialising in dredging, reclamation, civil and energy infrastructure, as well as environmental remediation and offshore energy.” This project is due to be completed by Q4 2026.