Vallianz gunning for more, bigger contracts in Middle East

OFFSHORE support vessel owner Vallianz Holdings is in talks to secure "a few" more contracts that could be worth more than US$100 million each from its main customer, it told a briefing on Wednesday.

The contracts it is negotiating are from a Middle Eastern state oil company that is among the biggest in the world, the Catalist-listed firm said, though it did not want to state this company's name.

Most of Vallianz's revenue comes from its 50:50 joint venture (JV) with Saudi Arabian conglomerate Rawabi Holding, which also owns about 20 per cent of Vallianz.

Vallianz's biggest shareholder, mainboard-listed Swiber Holdings, has around a 27 per cent stake.

The JV has a fleet of 22 offshore support vessels, which Vallianz chief executive Ling Yong Wah said was fully chartered out.

Vallianz sank 0.2 Singapore cents to 7.5 Singapore cents on Wednesday.