Vallianz clinches work for four vessels
- Business & Finance
Vallianz Holdings, an offshore support vessels provider, has secured long-term charter contracts for four vessels valued up to $115 million in total.
These contracts were awarded by a national oil company (NOC) in the Middle East, as well as two offshore marine services companies based in Egypt and Turkmenistan respectively, Vallianz stated on Tuesday.
The contracts also marked Vallianz’s entry into two new markets in the Middle East and Central Asia. The group clinched its first contract with an Egyptian company for a three-year charter of one OSV which started operations in the Red Sea.
The company will also be starting charter of another OSV at the end of May 2017 under a new contract secured with an offshore chartering company based in Turkmenistan. This OSV will be deployed in the Caspian Sea for three years.
Under its contracts with the NOC, the company will supply two maintenance and accommodation OSVs for five years, with the customer having an option to extend the charter for another two years. These vessels will be used to support the NOC’s maintenance operations and accommodation requirements for its offshore oil and gas activities in the Arabian Gulf.
These two vessels, which will be added to the group’s current fleet of 52 OSVs, are scheduled to start charter progressively from the first half of the financial year ending March 31, 2018 (1H FY2018).
Ling Yong Wah, CEO of Vallianz, said: “Vallianz is one of the largest OSV providers in the Middle East and has now expanded our footprint to include Egypt.”
He also added: “Besides the Middle East region, our first contract win in Turkmenistan will also enable the Group to access a new market in Central Asia.
“For the new contracts with the NOC, the maintenance and accommodation vessels is a new vessel type which will broaden the spectrum of service offerings that we provide to our existing customer.”