Vallianz secures US$97M Middle East Charter

Agreement is for specialised vessel to support NOC's oil and gas production, begins Q£ 2015
Vallianz secures US$97M Middle East Charter

Vallianz Holdings, the offshore support provider, has announced a US$97m deal with NOC to provide a specialised vessel to support the national oil company's gas and oil work in the Middle East. The time charter deal, which lasts for five years, begins in Q3, 2015.

The award, which is subject to formalisation, adds to Vallianz’s ongoing contracts in the Middle East where it currently deploys 21 offshore support vessels (“OSV”). With this award from the NOC, the Group’s order book will be strengthened from US$529.4 million as at 7 November 2014 to US$626.4 million.

Chief Executive Officer of Vallianz, Mr Darren Yeo said, “This is the first time the NOC 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. We believe the successful deployment of this vessel will place Vallianz in an advantageous position when bidding for similar contracts in the future.”

A statement on Vallianz's website said that 'the specialised vessel is also in line with the Group’s plans to expand its fleet size and diversify the range of its current fleet of 34 OSVs, which comprise primarily of Anchor Handling Tug Supply vessels and Platform Supply vessels.' 

Mr Yeo added, “We have been working closely with the NOC to address their needs with value-added offshore support solutions. The specialised vessel, which will offer cost and efficiency benefits to customers, will enable the Group to widen its scope of product offering and services. With broader experience and deeper knowledge in offshore marine support services, Vallianz will have a sturdier platform to penetrate and expand into our target markets.”

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by Tom Holmes

Marine Trader Editor

Tom Holmes is the Editor of Marine Trader and readmt.com, the official publications of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to Marine Trader please get in touch.

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