VALLIANZ Holdings has secured a time charter contract worth US$97 million with one of the world's largest national oil companies in the Middle East.
Under the award, the offshore support vessels and integrated marine solutions provider to the oil and gas industry will supply a specialised vessel for up to five years from the third quarter of 2015 to support the NOC's oil and gas production activities in the Middle East.
This award, which is subject to formalisation, adds to Vallianz's ongoing contracts in the Middle East where it presently deploys 21 offshore support vessels (OSV). With this award from the NOC, the group's order book will be strengthened from US$529.4 million as at Nov 7, 2014, to US$626.4 million.
"This is the first time the NOC is considering deploying this type of vessel for its offshore projects. The award reaffirms the NOC's confidence in our execution capabilities and demonstrates further traction in the group's status as a key OSV provider in the Middle East region. We believe the successful deployment of this vessel will place Vallianz in an advantageous position when bidding for similar contracts in the future," said Darren Yeo, CEO of Vallianz.