Saudi-based JV partner invests in Vallianz

JUST two days after announcing that it was buying Swiber Offshore Construction (Swiber Offshore)'s 50 per cent stake in Saudi Arabia-based offshore marine services firm Rawabi Swiber Offshore Services (Rawabi Swiber), Vallianz Holdings (Vallianz) announced that it is bringing in new investors.

The new capital into the Catalist-listed integrated offshore marine solutions provider is coming from none other than its joint venture partner in its latest overseas interest, Rawabi Holding (Rawabi).

Vallianz said yesterday that it had entered into a subscription agreement with Rawabi, under which the Saudi Arabian oil & gas services company will subscribe for redeemable convertible capital securities issued by the Singapore-based company for a principal amount of US$35.2 million.