Pacific Radiance sets up Middle East JV with Allianz

Singapore’s Pacific Radiance has set up a JV with Dubai-based Allianz Marine as it looks for new avenues to increase utilisation of its vessels.

The jv will be known as Allianz Radiance, and Pacific Radiance subsidiary Crest Offshore Marine will have a 51% stake while Allianz Offshore Middle East will have a 49% stake.

According to a Pacific Radiance SGX filing, Allianz Radiance will be engaged in “owning, managing, chartering and leasing offshore support vessels particularly in the Gulf Cooperation Council and Egypt offshore oil and gas segment.”

Since the offshore downturn began, Pacific Radiance has been busy setting up joint ventures in Mexico, China and Malaysia.