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Singapore Exchange (SGX) today welcomed Pacific Radiance Limited to its Mainboard under the stock code “T8V”.
Pacific Radiance is a Singapore-based offshore oil and gas support services company that provides support services for oil and gas field projects as well as subsea maintenance services. It operates a fleet of 133 wholly- and jointly-owned vessels and reported revenue of US$130.8 million in the financial year 2012. The company sees strong development prospects in the Asian, Australian and African markets and beyond.
Pang Yoke Min, Executive Chairman of Pacific Radiance Ltd, said: "We are delighted by the strong investor support for our IPO. This successful listing of Pacific Radiance on the SGX Mainboard will enhance our global standing and support our plans to step up the pace of expansion in the offshore oil and gas sector. The funds raised will go to expand and upgrade the fleet, invest in new facilities and broaden our service offerings. We are well poised to capture the projected growth in E&P spending, especially in Indonesia, Malaysia, Africa, Latin America and Australia. We would like to thank all our stakeholders for their unwavering support, without which Pacific Radiance would not have reached this milestone in our history."
Lawrence Wong, Head of Listings at SGX, said: “We are pleased to welcome Pacific Radiance to our exchange. Singapore is home to a very large and diverse community of maritime and offshore oil and gas support services companies and SGX has played a key part in developing this core sector that is vital to the economic success of the country. This listing is a testament to the industry's success and SGX will continue to offer investors more avenues to gain access to the growth story of the offshore oil and gas sector.”
With an estimated market capitalisation of S$653 million, Pacific Radiance brings the total number of maritime and offshore services companies listed on SGX to 51, which in aggregate hold a market capitalisation of about S$60 billion.
