Offshore company, Vallianz Holdings Limited has announced its first foray into Mexican and West African markets.
The company has received Letters of Award and new charter contracts to the tune of $64 million in Mexico, West Africa and the Asia Pacific Region.
Vallianz will supply a range of vessels, from AHTS to PSVs and barges for a period of three years to undisclosed customers.
Chief Executive Officer of Vallianz, Mr Darren Yeo said, “These Letters of Award and new charter contracts mark our entry into Mexico and West Africa which is in line with the Group’s strategy to diversify our geographical presence. Our success in securing these contracts can be credited to our team’s unrelenting efforts to develop the Group’s presence in these two fast growing offshore oil & gas exploration markets, which will pave the way for Vallianz to make further inroads in these key markets.”
The new contracts include the supply of vessels to projects in the Asia Pacific.
In a separate statement, Vallianz announced that the group’s EBITDA has been established after the $27.7 million acquisition of OER Holdings which occurred on the 30 September 2014.
The purchase consideration for OER will be satisfied by the issue of 250 million ordinary shares in the capital of Vallianz at a price of S$0.14 per share. Under a supplemental agreement to the proposed acquisition, the vendor of OER has agreed to receive 125 million Vallianz shares on completion of the acquisition.
The balance of Vallianz shares will only be issued to the vendor if the EBITDA of OER is not less than US$7.0 million for the 14 month period from 1 November 2014 to 31 December 2015.
Mr Yeo said, “The additional terms in the supplemental agreement reflect the vendor’s confidence that OER will be able to contribute positively to our group’s future financial performance. The vendor’s acceptance of a two-tranche share issue based on the EBITDA Target also clearly demonstrates his conviction in the overall prospects of Vallianz.”