Singapore’s Vallianz Holdings has received a double boost as it fights to distance itself from the contagion surrounding the demise of Swiber Holdings.
Swiber, which filed for judicial management 18 days ago, is a 25% shareholder in Vallianz. Swiber’s downfall spooked investors in most Singaporean offshore listed firms.
However, Singapore-listed Vallianz today revealed it managed to stay in the black in the first half with a net profit of $9.46m, down 6.3% from $10.1m in the same period of 2015. The result beat analysts’ predictions.
“The group wishes to update shareholders that its core vessel chartering business is continuing as usual and it has not experienced any disruption to its business operations following the recent events at Swiber,” Vallianz said in a release.
Moreover, key investor Rawabi Holding from Saudi Arabia has come out with a strong message of support for Vallianz.
Rawabi has a 18.7% equity stake in Vallianz. Rawabi and Vallianz are partners in the joint venture Rawabi Vallianz Offshore Services (RVOS), which handles Valliaz’s business operations in the Middle East.
“While the global oil markets are presently facing slower conditions, we believe RVOS will be able to take advantage of business opportunities in the Middle East region where oil and gas production activities and investments remain positive,” said Sheikh Abdulaziz Al Turiki, group chairman of Rawabi and chairman of RVOS.
