Charter extensions worth up to US$458m buoy Vallianz shares

Singapore

BUYERS poured into shares of offshore vessel owner Vallianz Holdings on Monday following news that it had extended the charter contracts for several of its boats in the Middle East for up to US$458 million, albeit at lower charter rates.

Catalist-listed Vallianz said in a Singapore Exchange filing before the market opened that it had inked contract extensions for 19 of its vessels chartered to an existing customer in the region, which it said was a national oil company. Though unnamed, that customer is likely to be Saudi Aramco, the world's biggest oil company.