Vallianz Bags Over $1.2 Billion In Contracts

Published at 09:45AM - 16/05/16

Vallianz Holdings has set a new record of US$1.2 billion (£835.09 million) in orders after winning up to US$210 million (£146.14 million) in contracts.

The contract wins are expected to boost the Group’s chartering services order book, mainly comprised of long-term charters agreed by 2025.

“We are presently bidding for charter contracts with a combined value of $1.5 billion (£1.04 billion), mainly for projects located in the Middle East”, said Vallianz’ CEO Ling Yong Wah.

Vallianz Bags Over $1.2 Billion In Contracts

Vallianz, a provider of offshore support vessels and integrated marine solutions to the oil & gas industry has now secured new long-term charter contracts for the supply of 13 offshore support vessels (OSVs) to a national oil company (NOC) in the Middle East.

The OSVs will be chartered to the NOC for up to seven years and the Group expects them to be deployed progressively at the NOC’s oil fields from the second half of this year.

The contracts follow the award of a US$63 million (£43.84 million) contract from the NOC for the charter of two Anchor Handling Tug, Supply and Safety Standby (AHTSS) vessels for up to 7 years.

A Rare Tender

According to the CEO, the award shows “the Group’s operational capabilities as the award of an entire tender comprising a number of vessels to a single offshore marine service provider is rare and normally reserved for a contractor that has an exceptional and proven track record”.

“With the addition of these new charter contracts in the Middle East, we have further strengthened our order book and improved the Group’s future revenue visibility. Vallianz will continue to reinforce our superior market position in the Middle East where offshore oil and gas projects remain active”, he added.