Vallianz scores first West African and Mexican deals

Singapore: Vallianz Holdings has won deals worth $64m from West Africa, Mexico and Asia.

The company will be supplying vessels ranging from anchor handling tug supply vessels (AHTSs),
platform supply vessels (PSVs) and barges for periods of up to three years.

Chief executive officer of Vallianz, Darren Yeo said, “These letters of award and new charter contracts mark our entry into Mexico and West Africa which is in line with the group’s strategy to diversify our geographical presence. Our success in securing these contracts can be credited to our team’s unrelenting efforts to develop the group’s presence in these two fast growing offshore oil and gas exploration markets, which will pave the way for Vallianz to make further inroads in these key markets.”

In a separate announcement released today, Vallianz also disclosed that an earnings before interest, tax, depreciation and amortization (EBITD”) target has been established in relation to its proposed $27.7m acquisition of OER Holdings which was announced on 30 September. OER is a supplier of professional crew and related hospitality services to the offshore industry.

The purchase consideration for OER is to be satisfied by the issue of 250m ordinary shares in the capital of Vallianz at a price of S$0.14 per share. Under a supplemental agreement to the proposed acquisition, the vendor of OER has agreed to receive 125m Vallianz shares or half of the 250m consideration shares on completion of the acquisition.  [20/10/14]

 

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