Vallianz Holdings Limited has secured a time charter award worth $97 million with “one of the world’s largest” national oil companies in the Middle East (NOC).
However, Vallianz did not reveal the name of the client in question. Under the award, Vallianz will supply a specialized 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. The company notes that this award, which is subject to formalisation, adds to its ongoing contracts in the Middle East where it presently deploys 21 offshore support vessels (OSV).
With this award from the NOC, the Group’s order book will be strengthened from $529.4 million as at November 7, 2014 to $626.4 million.
Chief Executive Officer of Vallianz, Darren Yeo said, “This is the first time the NOC is considering deploying this type of vessel for its offshore projects. 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 company also adds that the specialized 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.
Yeo added, “We have been working closely with the NOC to address their needs with value-added offshore support solutions. 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.”