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Vallianz bags USD 97m OSV contract with Middle East NOC

15th December 2014

Vallianz Holdings has secured a time charter award worth USD 97m with an unnamed large national oil company (NOC) in the Middle East

Vallianz bags USD 97m OSV contract with Middle East NOC
This award, which is subject to formalisation, adds to Vallianz’s ongoing contracts in the Middle East where it presently deploys 21 offshore support vessels (OSVs)

Under the award, Vallianz will supply a specialised vessel for up to five years from the third quarter of 2015 to support the NOC’s oil and gas production activities in the Middle East.

This award, which is subject to formalisation, adds to Vallianz’s ongoing contracts in the Middle East where it presently deploys 21 offshore support vessels (OSV).

“This is the first time the NOC is considering deploying this type of vessel for its offshore projects,” said Darren Yeo, chief executive officer of Vallianz.

“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.”

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.

With this award from the NOC, the group’s order book will be strengthened from USD 529.4m as at 7 November 2014 to USD 626.4m.

“We have been working closely with the NOC to address their needs with value-added offshore support solutions,” added Yeo. “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.”

The Middle East is the world’s largest oil producing region.

At the Offshore Northern Seas Conference and Exhibition in September 2014, Saudi Aramco said it plans to invest USD 40bn a year over the next decade as part of its strategy to meet the growing global demand for energy.

Most of this investment will go into offshore projects.

Vallianz has established a firm footing in the Middle East as one of the leading OSV providers to the NOC.

Besides the Middle East, Vallianz aims to increase its penetration in other major and emerging offshore exploration and production markets including Latin America, Asia Pacific and West Africa.

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