Vallianz Holdings, the offshore support vessels and integrated marine solutions provider, on Monday revealed it has sealed new deals worth up to US$210 million ($288 million) to bring its order book to a record-high US$1.2 billion.
Despite the oil and gas industry struggling with plunging oil prices, Vallianz says it has secured new long term charter contracts for the supply of 13 Offshore Support Vessels (OSVs), which will be chartered to a national oil company in the Middle East for up to seven years starting from the second half of 2016.
““With the addition of these new charter contracts in the Middle East, we have further strengthened our order book and improved the Group’s future revenue visibility,” says Ling Yong Wah, Vallianz’s CEO.
The latest contracts come on the heels of the award of a US$63 million contract from the NOC for the charter of two Anchor Handling Tug, Supply and Safety Standby vessels for up to 7 years.
“Vallianz will continue to reinforce our superior market position in the Middle East where offshore oil and gas projects remain active. We are presently bidding for charter contracts with a combined value of US$1.5 billion, mainly for projects located in the Middle East,” Ling adds.
Vallianz says it expects the new contracts to begin contributing to its financial performance from the second half of the financial year ending 31 December 2016.
Vallianz’s shares last closed flat at 0.41 cents.
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Despite the oil and gas industry struggling with plunging oil prices, Vallianz says it has secured new long term charter contracts for the supply of 13 Offshore Support Vessels (OSVs), which will be chartered to a national oil company in the Middle East for up to seven years starting from the second half of 2016.
““With the addition of these new charter contracts in the Middle East, we have further strengthened our order book and improved the Group’s future revenue visibility,” says Ling Yong Wah, Vallianz’s CEO.
The latest contracts come on the heels of the award of a US$63 million contract from the NOC for the charter of two Anchor Handling Tug, Supply and Safety Standby vessels for up to 7 years.
“Vallianz will continue to reinforce our superior market position in the Middle East where offshore oil and gas projects remain active. We are presently bidding for charter contracts with a combined value of US$1.5 billion, mainly for projects located in the Middle East,” Ling adds.
Vallianz says it expects the new contracts to begin contributing to its financial performance from the second half of the financial year ending 31 December 2016.
Vallianz’s shares last closed flat at 0.41 cents.
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