Vallianz bags $97 million charter award in the Middle East

Vallianz bags $97 million charter award in the Middle East

SINGAPORE -- Vallianz Holdings has secured a time charter award worth $97 million with one of the world’s largest national oil companies (NOCs) in the Middle East.

Under the award, Vallianz will supply a specialised vessel for up to five years from the third quarter of 2015 to support the NOC’s oil and gas production activities in the Middle East. This award, which is subject to formalisation, adds to Vallianz’s ongoing contracts in the Middle East, where it presently deploys 21 offshore support vessels (OSVs).

With this award from the NOC, the group’s order book will be strengthened from $529.4 million to $626.4 million.

Darren Yeo, CEO of Vallianz, said, "This is the first time the NOC is considering deploying this type of vessel for its offshore projects. The award reaffirms the NOC’s confidence in our execution capabilities and demonstrates further traction in the group’s status as a key OSV provider in the Middle East region."

The specialized vessel is also in line with the group’s plans to expand its fleet size and diversify the range of its current fleet of 34 OSVs, which comprise primarily of Anchor Handling Tug Supply vessels and Platform Supply vessels.

Yeo added, “We have been working closely with the NOC to address their needs with value-added offshore support solutions. The specialised vessel, which will offer cost and efficiency benefits to customers, will enable the group to widen its scope of product offering and services.”

Besides the Middle East, Vallianz aims to increase its penetration in other major and emerging offshore exploration and production markets including Latin America, Asia Pacific and West Africa.