Singapore: Singapore’s Vallianz Holdings, an integrated offshore marine solutions provider in the offshore oil and gas industry, has entered into a subscription agreement with Rawabi, a leading Saudi Arabian oil and gas service company, and an option agreement with Singapore’s Swiber.
Under the subscription agreement, Rawabi will subscribe for redeemable convertible capital securities issued by Vallianz for a principal amount of US$35.2m. Under the option agreement, Swiber will be issued an aggregate of 500,000,000 non-transferable share options, which could raise gross proceeds of S$27.5m, assuming that all options are exercised.
Commented Darren Yeo, executive director and ceo of Vallianz: “We are pleased that Rawabi, a leading company which we have recently joined hands with for a partnership in the Kingdom of Saudi Arabia, has invested strongly in Vallianz. The group chairman of Rawabi, Mr Sheikh Abdulaziz Ali AlTurki, is a dedicated businessman that is deeply engaged in Saudi Arabia’s vibrant and developed oil and gas industry.”
Recently in October 2013, Vallianz’s order book was boosted to $334m through a new subsidiary in Saudi Arabia, with an ongoing contract with additional option to charter offshore support vessels to Saudi Aramco. The new subsidiary is jointly owned by Rawabi. [03/10/13]