Pacific Radiance forms JV in Ghana

Singapore-listed offshore marine services provider, Pacific Radiance, has entered a joint venture (JV) agreement with Cross Energy (CE) to jointly incorporate the company Radiance Offshore (Ghana) in Ghana.

The JV is formed with an initial share capital of Ghc5,000 (USD1,300).

The JV was signed by Pacific Radiance's indirect subsidiary, Radiance Offshore (ROBV), which will hold 49% equity interest, while the remaining 51% equity interest will go to CE.

Radiance Offshore (Ghana) will then engage in the business of ship owning, chartering, and the provision of offshore marine related services.

The investment for the JV will be funded through internal resources and is not expected to have any material impact on Pacific Radiance's net tangible assets and its earnings per share for the current financial year.

Previously, Pacific Radiance had inked a JV agreement in March 2015 with Jiangsu Zhenjiang Shipyard (JZS) to jointly own Radiance ZJ, a company incorporated in Singapore with an initial share capital of USD2.

The JV is principally engaged in owning and operating an offshore support vessel.