Vallianz bags US$300m contract to supply two platforms

SINGAPORE - Catalist-listed Vallianz Holdings said on Monday that it has clinched won a contract worth up to US$300 million (S$405.51 million) to supply two self-elevating platforms to a large national oil company in the Middle East.

The provider of offshore support vessels and integrated marine solutions to the oil and gas industry said 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 customer's offshore platforms and well structures in the Arabian Gulf.