Vallianz Holdings Limited (“Vallianz” or “Company”, and together with its subsidiaries, the “Group”), an established provider of offshore support vessels (“OSV”) and integrated marine solutions to the oil and gas industry, has recently secured long-term charter contracts valued at up to USD 115M in total for four vessels. These contracts were awarded by a national oil company (“NOC”) in the Middle East, as well as two offshore marine services companies based in Egypt and Turkmenistan respectively.
The contracts also marked Vallianz’s entry into two new markets in the Middle East and Central Asia. The Group clinched its first contract with an Egyptian company for a three-year charter of one OSV which has commenced operations in the Red Sea. The Group will also be commencing charter of another OSV at the end of May 2017 under a new contract secured with an offshore chartering company based in Turkmenistan. This OSV will be deployed in the Caspian Sea for three years.
Under its contracts with the NOC, the Group will supply two maintenance and accommodation OSVs for five years, with the customer having an option to extend the charter for another two years. These vessels will be used to support the NOC’s maintenance operations and accommodation requirements for its offshore oil and gas activities in the Arabian Gulf. These two vessels, which will be added to the Group’s current fleet of 52 OSVs, are scheduled to commence charter progressively from the first half of the financial year ending 31 March 20181 (“1H FY2018”).
Vallianz scores new charter contracts in Middle East_CromartyOilPlatform.jpg