Singapore: Offshore vessel operator Vallianz Holdings has announced that it has signed new contracts, valued up to $458m, that has lengthened the charter duration for 19 offshore support vessels currently deployed to an existing customer the in the Middle East.
The 19 vessels are made up of 15 anchor handling tug supply vessels and 5 platform supply vessels. Vallianz said charter rates for the vessels in the new contracts have been revised lower by about 10 percent on average.
“The contract has enabled the Group to lengthen the charter duration for half of our fleet of owned vessels to year 2020 including options. This further strengthens our relationship with the customer, and also reflects our focus on maintaining a resilient business model for the Group to ride through business cycles,” said Ling Yong Wah, ceo of Vallianz.
“With the new contracts secured in July this year, our current order book has been boosted to nearly $1 billion, which is a record level in our corporate history and marks a new milestone for the Group.” Ling added.