Offshore services provider Vallianz Holdings has won new contracts worth US$210 million (S$288 million) to lift its order book to a record US$1.2 billion.
The new long-term deals are for the supply of 13 offshore support vessels to a national oil company in the Middle East.
The vessels will be chartered to the company - which was not identified - for up to seven years. Vallianz expects the vessels to be deployed progressively from the second half of this year.
Vallianz chief executive Ling Yong Wah said in a statement that the addition of the new contracts has "improved the group's future revenue visibility". He added that the firm is bidding for charter contracts with a total value of US$1.5 billion, mainly for projects in the Middle East.
Darco Water Technologies
Water systems design and engineering firm Darco Water Technologies has clinched $11.5 million worth of new contracts in China and Malaysia.
The Chinese contract is to expand a wastewater treatment project and procure equipment at a chemical industrial park in Zhejiang Province. The deal, worth 41.6 million yuan (S$8.7 million) was secured by the firm's newly-aquired subsidiary, Wuhan Kaidi Water Services.
Darco said other contracts secured are for several wastewater treatment projects in Malaysia, with a total contract value of RM8.2 million ($2.8 million). The deals brought the value of new contracts won this year to S$33 million.
South Korean bulk shipping company Pan Ocean Co. posted a 39.6 per cent drop in first- quarter earnings amid a sluggish shipping industry. Net profit for the three months to March 31 was US$61.4 million (S$84 million), down from US$101.6 million a year earlier, it reported yesterday.
First-quarter sales came in at US$376.6 million, up 3.6 per cent from the previous year, while cost of sales rose 11.5 per cent to about US$332 million. Net asset value per share was US$3.91 as at March 31, down from US$3.96 at the end of December 2015. Quarterly earnings per share was US$0.12, a fall from US$0.46 in the previous year. The bulk shipper expects the market outlook to remain largely unchanged from 2015.