Vallianz Holdings secured long-term charter contracts for four vessels valued at up to US$115 million in total in the Middle East, Egypt, and Turkmenistan.
The contracts mark Vallianz’s entry into two new markets in the Middle East and Central Asia.
The first contract is with an Egyptian company for a three-year charter of one OSV which has started operations in the Red Sea.
Vallianz will also be starting a 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 a national oil company (NOC) in the Middle East, 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 start the charter progressively from 1H FY2018.
“For the new contracts with the NOC, the maintenance and accommodation vessels is a new vessel type which will broaden the spectrum of service offerings that we provide to our existing customer. Together with our specialized offshore floating storage and supply vessel, the group has successfully evolved our relationship with the NOC by expanding our marine solutions to address the customer’s needs beyond anchor-handling tug and supply, and platform supply vessels,” said Ling Yong Wah, CEO of Vallianz.
These contracts bring the group’s outstanding chartering services order book to approximately $1.03 billion in aggregate, comprising primarily long term charters which include two-year extension options stretching up to 2025. The contracts with the NOC are expected to contribute to the group’s financial performance from 1H FY2018.
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