Middle East NOC hires two Vallianz rigs for up to $300M

Singapore’s Vallianz, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has won a time charter valued at up to $300 million to supply two self-elevating platforms.

Vallianz has said that the contract is with an existing customer in the Middle East. In its press release issued Monday, the company did not reveal the name of the client, but only said the client was one of the world’s largest national oil companies.

Both vessels are expected to be deployed from the third quarter of 2015 for a period of five years, with the customer having an option to extend the charter for another two years until 2022.

The vessels are self-elevating platforms which will be used to perform well servicing for the NOC’s offshore platforms and well structures in the Arabian Gulf. According to Vallianz, the units are self-propelled, equipped with cranes and capable of supporting various offshore operations, from wire line intervention activities and wellhead maintenance to the transportation of materials, equipment and personnel.

Chief Executive Officer of Vallianz, Ling Yong Wah said, “This is the first time the Group will be supplying this type of self-elevating platforms and we are honoured that the NOC has once again selected Vallianz to support its vast offshore oil and gas operations in the Middle East. This contract reinforces Vallianz’s superior advantage as a premier supplier of offshore support vessels to the NOC, and validates the Group’s ongoing strategy to widen our product offering with more specialized vessels.”