Vallianz secures US$97 million charter award in the Middle East

Catalist-listed Vallianz Holdings, which provides offshore support vessels and integrated marine solutions to the oil and gas industry, has secured a time charter award worth US$97 million (S$127.41 million) with one of the world's largest national oil companies in the Middle East, the company said on Monday.

Under the award, Vallianz will supply a specialised vessel for up to five years from the third quarter of 2015 to support the unnamed company's oil and gas production activities in the Middle East. This award, which is subject to formalisation, adds to Vallianz's ongoing contracts in the Middle East where it presently deploys 21 offshore support vessels.

With this award, the group's order book will be strengthened from US$529.4 million as at 7 November 2014 to US$626.4 million.

Said Vallianz chief executive officer Darren Yeo: "This is the first time this national oil company is considering deploying this type of vessel for its offshore projects. The award reaffirms the NOC's confidence in our execution capabilities and demonstrates further traction in the Group's status as a key OSV provider in the Middle East region.