Singapore-based Vallianz Holdings Limited, provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has won a time charter contract valued at up to USD 98 million to supply four offshore support vessels (OSV).
The contract was awarded to Vallianz by a national oil company (NOC) in the Middle East.
The four OSVs are anchor handling tug supply (AHTS) vessels equipped with dynamic positioning 2 (DP2) capabilities and will commence operations at the NOC’s oil fields in the first quarter of 2016 for a period of up to five years.
With this contract, the company’s chartering services order book has surpassed USD 1 billion, comprising mainly long term time charters that stretch up to 2022.
“This new contract win reaffirms the confidence of the NOC customer in our execution capabilities, organisational superiority and management bandwidth as it has continued to award Vallianz with long term charter contracts in spite of challenging industry conditions and increased competition from other OSV players in the Middle East region,” CEO of Vallianz, Ling Yong Wah, said.
With the deployment of these four AHTS vessels, Vallianz will have a total of 28 OSVs supporting the offshore oil and gas activities of the NOC in 2016.
This includes earlier contracts awarded by the NOC for two self-elevating platform vessels as well as a specialised offshore floating storage and supply vessel that is scheduled to commence operations in early 2016.