Vallianz awarded $150m chartering contracts in the Middle East

PSVs to be chartered out 1Q 2014.

Integrated offshore marine solutions provider Vallianz Holdings Limited (Vallianz), through its subsidiary, announced that it has been awarded $150 million worth of chartering contracts by a leading company in the Middle East.

Platform Supply Vessels (PSVs) will be chartered out from the first quarter of 2014 for 5 years, including option of extension.

Commented Mr. Darren Yeo, Executive Director and Chief Executive Officer of Vallianz: “We are delighted that we have won charter contracts from a leading company in the Middle East. These contracts boost the current outstanding orderbook by 45% to US$485 million, it also underscores Vallianz’s rising vantage position in this niche segment of the offshore services industry.”

“To support the growing need for offshore marine assets, which is rising on the back of the booming offshore oil and gas industry, companies engage in alternative finance structures such as vessel chartering, which offers flexibility and cost-efficiencies. Vessel chartering for PSVs in particular, are in high demand by exploration and production companies. In comparison to other vessels, it is more economical to use PSVs due to its fuel-efficiencies and capabilities in deeper waters.

“All these augur well for Vallianz’s young and best-in-class vessel fleet of 26 offshore marine vessels. In view of the rising demand for offshore marine vessels, we also intend to boost our vessel fleet to 50 vessels by 2016. Steering forward for future growth, Vallianz will unwaveringly continue in our strategy to pursue mid to long-term charters in the Middle East and the Asia Pacific,” concluded Yeo.