Singapore firm makes huge Saudi offshore splash


Singapore: Singapore’s Vallianz Holdings, an integrated offshore marine solutions services provider in the offshore oil and gas industry, has boosted its order book to $334m through its new subsidiary in Saudi Arabia with an ongoing contract-with-additional option to charter AHTS vessels to a leading oil company in the Middle East, thought to be Saudi Aramco. The new subsidiary is jointly owned by Rawabi, a leading Saudi Arabian oil and gas service company.

Commented Darren Yeo, executive director and ceo of Vallianz: "We are pleased to establish our presence in the Middle East through this partnership with Rawabi. It has always been our growth strategy to pursue long-term charters; focusing on the best offshore marine vessels; diversifying our customer base and to expand our asset base. With this partnership, Vallianz's vessel fleet is strengthened to a fleet of 22 offshore support vessels, our orderbook is propelled over 27 times to $334m, and our customer base is now extended beyond Asia Pacific to the Middle East. [01/10/13]

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