Pacific Radiance

Pacific Radiance: The IPO price of $0.90 apiece is close to the top end of its indicative IPO range. This represents a FY12 PE of 16.3x and 1.5x P/B. Of the total US$130.8m revenue for FY12, 83% is contributed from Offshore Support Services, and the remaining is from its Subsea Services segment. Industry peers within the Offshore Support Services and Subsea Services space which are listed on SGX include: i) Ezra (Emas Offshore); Trailing PE of 19.8x and 1.1x P/B ii) Ezion; Trailing PE of 14.1x and 3.1x P/B iii) Mermaid Maritime; Trailing PE of 71.6x and 0.6x P/B Indicative timetable as follows: Open of application: 6 Nov Close of application: 11 Nov at 12pm Balloting of application: 12 Nov Commence of trading: 13 Nov at 9am IPO proceeds will be used for expansion of fleet, repayment of pre-listing financing used for expansion of fleet through newbuilding and acquisition and general working capital.