Vallianz Holdings Limited, Singapore’s offshore marine solutions provider in the offshore oil and gas industry, has signed a three-year collaboration agreement with China Offshore Oil Engineering Co., Ltd. (“COOEC”), the largest offshore engineering and construction company in China.
Under the agreement, Vallianz will provide certain offshore support vessels, including submersible launch vessels, to support COOEC’s offshore construction activities and operations. The vessels will be made available to COOEC either by charter, or through the award of a project sub-contracted to Vallianz.
COOEC is also one of the largest EPCI (engineering, procurement, construction and installation) contractors for offshore oil and gas exploration and production projects in the Asia-Pacific region.
It has a footprint that extends throughout China, South East Asia, Australasia, and the Middle East. COOEC is a subsidiary of China National Offshore Oil Corporation (“CNOOC”), the largest offshore oil & gas producer in China and the third largest national oil company in China focusing on the exploitation, exploration and development of crude oil and natural gas.
Chief Executive Officer of Vallianz, Darren Yeo said, “This collaboration with COOEC marks a major milestone in Vallianz’s progress to become a leading global player in the rapidly growing offshore marine industry. Partnering COOEC will present Vallianz with an enormous opportunity to enter the vast offshore oil and gas industry in China. With our young and modern fleet and ability to provide integrated offshore marine solutions, we believe Vallianz is primed to support COOEC’s offshore projects in China and the region.”
COOEC’s parent, CNOOC made 18 new discoveries and successfully appraised 20 oil and gas structures in 2013. In 2014, CNOOC expects a busy engineering and construction pipeline with about 20 new projects under construction. According to a report dated 12 May 2014 by investment bank Barclays, CNOOC has four to five large projects which are expected to be brought on-stream in 2014. Together with several smaller projects, these could add 170,000 barrels per day of new net capacity in 2014.