Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has announced that United Orient Capital Pte Ltd (UOC) will be investing $10 million in Vallianz.
According to the press release, under a subscription deed that Vallianz with its subsidiaries (Group) signed with UOC, Vallianz will issue 10 million convertible preference shares (CPS) at an issue price of$1 per CPS to UOC.
Ling Yong Wah, CEO of Vallianz, said: “We appreciate this investment commitment by UOC. Despite the uncertain business environment in the offshore oil and gas industry, we are continuing to expand our operations and remain positive of the Group’s long term outlook. UOC’s investment signals its confidence in Vallianz’s business model, growth and industry prospects.”
Yeo Wee Yap, Executive Director of UOC, said: “Our aim is to assist fast-growing companies by providing them with the growth capital they need to realise their expansion ambitions and business development plans. Vallianz has an experienced management team and a proven business model that is able to generate stable revenue streams. We believe Vallianz is well-placed to emerge stronger from the industry’s current downturn.”
According to Vallianz, the net proceeds of$9.5 million from the Proposed Subscription will be used for fleet expansion and general working capital.