Vallianz Clinches $64M OSV Contracts in Asia, Mexico and West Africa
Vallianz Holdings Limited (Vallianz, and together with its subsidiaries, the Group), a fast growing provider of offshore support vessels and integrated marine solutions to the oil and gas industry, reported Monday that the firm is continuing to expand its global reach by clinching Letters of Award and new charter contracts with total value of $64 million in Mexico, West Africa and the Asia Pacific region.
The Group will be supplying vessels ranging from anchor handling tug supply vessels (AHTS), platform supply vessels (PSV) and barges for periods of up to 3 years.
CEO of Vallianz, Darren Yeo said, “These Letters of Award and new charter contracts mark our entry into Mexico and West Africa which is in line with the Group’s strategy to diversify our geographical presence. Our success in securing these contracts can be credited to our team’s unrelenting efforts to develop the Group’s presence in these two fast growing offshore oil & gas exploration markets, which will pave the way for Vallianz to make further inroads in these key markets.”
The new contracts also include the supply of vessels to projects in Asia Pacific which further entrenches the Group’s position in the region. The contracts are expected to contribute positively to the Group’s financial performance from its next financial year ending Dec. 31, 2015 (FY2015).
EBITDA Target for OER
In a separate announcement released today, Vallianz also disclosed that an earnings before interest, tax, depreciation and amortization (EBITDA) target has been established in relation to its proposed $27.7 million acquisition of OER Holdings Pte. Ltd. (OER) which was announced Sept. 30. OER is a supplier of professional crew and related hospitality services to the offshore industry.
The purchase consideration for OER is to be satisfied by the issue of 250 million ordinary shares in the capital of Vallianz at a price of $0.112 or SGD 0.14 per share (the Consideration Shares). Under a supplemental agreement to the proposed acquisition, the vendor of OER has agreed to receive 125 million Vallianz shares or half of the 250 million Consideration Shares on completion of the acquisition.
The balance of Vallianz shares, subject to any anti-dilution adjustments, will only be issued to the vendor provided that the EBITDA of OER will be not less than $7.0 million for the 14 month period from Nov. 1 to Dec. 31, 2015 (EBITDA Target).
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Vallianz Updates on Swiber's Request for Payment of $63.5M in Arrears (Sep 01)
- Singapore's Troubled Swiber Holdings Opts for Judicial Management (Aug 01)
- Vallianz Secures $210M Contracts to Supply 13 OSVs to ME NOC (May 16)