Vallianz Secures $210M Contracts to Supply 13 OSVs to ME NOC
Singapore-listed Vallianz Holdings Limited (Vallianz and together with its subsidiaries, the Group), an established provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has set a new record of $1.2 billion for its order book following contract wins worth up to $210 million in total.
The Group secured new long term charter contracts for the supply of 13 Offshore Support Vessels (OSVs) to a national oil company (NOC) in the Middle East. The OSVs will be chartered to the NOC for up to 7 years. The Group expects the OSVs to be deployed progressively at the NOC’s oil fields from the second half of 2016 in accordance to the NOC’s project schedule.
These latest contract wins will boost the Group’s chartering services order book to $1.2 billion, which comprises mainly long term charters that stretch up to 2025.
CEO of Vallianz, Ling Yong Wah said, “This new award speaks volumes of the Group’s operational capabilities as the award of an entire tender comprising a large number of vessels to a single offshore marine service provider is rare and normally reserved for a contractor that has an exceptional and proven track record. Our ability to secure contracts for 13 OSVs in a single tender is a testament of our customer’s continued trust and confidence in the Group’s core competencies.”
These sizeable contracts come on the heels of the award of a $63 million contract from the NOC for the charter of two Anchor Handling Tug, Supply and Safety Standby (AHTSS) vessels for up to 7 years.
Added Ling, “With the addition of these new charter contracts in the Middle East, we have further strengthened our order book and improved the Group’s future revenue visibility. Vallianz will continue to reinforce our superior market position in the Middle East where offshore oil and gas projects remain active. We are presently bidding for charter contracts with a combined value of $1.5 billion, mainly for projects located in the Middle East.”
The Group expects the new contracts to begin contributing to its financial performance from the second half of the financial year ending Dec. 31.
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