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Vallianz gunning for more, bigger contracts in Middle East

Wednesday, April 15, 2015 - 19:28

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.

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