Vallianz secures charter contracts for four vesselsContracts, Tenders and Rates // May 24, 2017
Vallianz Holdings Limited has secured long-term charter contracts valued at up to US$115 million in total for four vessels.
The contracts were awarded by a national oil company (NOC) in the Middle East and two offshore marine services companies based in Egypt and Turkmenistan respectively.
The contracts also marked Vallianz’s entry into two new markets in the Middle East and Central Asia.
The group clinched its first contract with an Egyptian company for a three-year charter of one OSV which has commenced operations in the Red Sea. The group will also be commencing 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 the NOC, 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.
The two vessels, which will be added to the group’s current fleet of 52 OSVs, are scheduled to commence charter progressively from the first half of the financial year ending 31 March 2018.
Ling Yong Wah, CEO of Vallianz, said “Vallianz is one of the largest OSV providers in the Middle East and has now expanded our footprint to include Egypt. We are pleased that the group has started to make headway in our strategy to increase penetration in other target markets in the Middle East region. Apart from the Middle East region, our first contract win in Turkmenistan will also enable the group to access a new market in Central Asia.”