Singapore-based offshore marine service provider Pacific Radiance Ltd. reported today an extremely strong start of the year with net attributable profits up 110% to USD $17.8 million as compared to last year. With strong results from their two saturation diving vessels over the past few months, gross profit margins were launched upwards to 41 percent as compared to 22 percent in the corresponding quarter last year.
In addition, the company won $159 million in new contracts this quarter including a $100 million charter contract for their new maintenance work vessel (MWV) which is also the first of the 14 newbuilds scheduled for delivery in the current financial year FY2014.
Along with profits, revenues at Pacific Radiance increased by 33% to USD $42.0 million buoyed by the company’s Offshore Support Services (OSS) arm which saw higher vessel utilization as well as new contracts for their new larger or higher specification support vessels which were delivered in 2HFY13.
Mr Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: “We will continue with our fleet rejuvenation and expansion programme where the newbuilds we have in the pipeline are driven by our need to be relevant, reliable and responsive to market trends.”