Singapore’s Vallianz Holdings has won a contract to time charter four anchor handling tug supply vessels from an existing customer in the Middle East.
The contract, which is with a state-owned national oil company, will commence in the first quarter of next year and is for a period of up to five years. It is valued at up to $98m.
Ling Yong Wah, CEO of Vallianz, said: “This new contract win reaffirms the confidence of the NOC customer in our execution capabilities, organisational superiority and management bandwidth as it has continued to award Vallianz with long term charter contracts in spite of challenging industry conditions and increased competition from other OSV players in the Middle East region. We believe it is a testament of the good working relationship that we have forged with the NOC.”
Vallianz says that with the latest contract win it has a chartering order book of over $1bn mostly made up of long term time charters that stretch up to 2022.