Rawabi Vallianz Offshore Services to acquire PT Vallianz Offshore Maritim's debts

OFFSHORE support vessel (OSV) owner-operator Vallianz Holdings said on Tuesday that Rawabi Vallianz Offshore Services (RVOS) has agreed to acquire all the debts owed by associate PT Vallianz Offshore Maritim (PTVOM) to Caterpillar Financial Services Asia and Caterpillar Financial Australia.

PTVOM is 49 per cent-owned by Vallianz. The debts to be acquired amount to approximately US$30 million as at May 31. RVOS will acquire these debts for a total consideration of not more than 50 per cent of the outstanding amount.

Upon completion, the corporate guarantee and security in relation to these debts acquired by RVOS will be assigned by the lenders to RVOS.

RVOS, a company incorporated in Saudi Arabia, is a 50 per cent joint-venture of Vallianz, which is jointly owned by Rawabi Holding Company (RHC), the controlling shareholder of Vallianz.

The lenders had previously extended financing facilities to PTVOM, which were guaranteed by the Vallianz group and secured on five vessels of PTVOM.

The debt purchase means that the group will be released from these corporate guarantees, which will give Vallianz greater flexibility in deploying these five vessels in the Middle East and North African regions, it said.