DOT Radiance, a joint venture between DOT Shipping and Pacific Radiance, has agreed with the charterer to delay delivery of the newbuild offshore construction support vessel to December 31, 2017.
The joint venture secured a long-term charter contract worth over $140 million, including extension options, for the vessel which was expected for delivery and start of its contract at the end of 2016.
Singapore-listed Pacific Radiance said it has agreed with DOT Shipping to work towards finding alternative employment for the vessel, who recently completed its sea trials, should one be available before December 31, 2017.
DOT Shipping was set up in 2014 by Oceanteam and Grupo Diavaz to provide vessel solutions for the Mexican market.
DOT Shipping has a 50 percent stake in the joint venture vessel, named “Tampamachoco 1” with an option to buy the remaining 50 percent after a period of seven years against agreed terms.
Source: Subsea World News