Singapore-based offshore support vessel provider Vallianz Holdings Limited has secured contracts worth up to USD 210 million in total, boosting its chartering services order book to USD 1.2 billion.
Specifically, in its latest batch of orders the group won long-term charter contracts for the supply of 13 offshore supply vessels (OSVs) with an undisclosed national oil company in the Middle East. The vessels will be chartered to the oil company for up to seven years.
Vallianz expects the OSVs to be deployed progressively at the company’s oil fields from the second half of 2016, in accordance to its project schedule.
“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,” Ling Yong Wah, Vallianz’s CEO said.
The contracts come after the award of a USD 63 million contract from the oil company for the charter of two anchor handling tug, supply and safety standby (AHTSS) vessels for up to 7 years.
“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,” Ling added.
The company expects the new contracts to begin contributing to its financial performance from the second half of the financial year ending 31 December 2016.
Vallianz owns and operates a fleet of 42 offshore support vessels and covers markets in the Middle East, Asia Pacific and Latin America.