Vallianz cruises along in Q1 despite choppy waters

Singapore

OFFSHORE support vessel (OSV) owner Vallianz managed to stay afloat in the first quarter despite choppy waters in the offshore support services industry, where low oil prices have dampened OSV charter rates and fleet utilisation levels.

However, its gross profit margin has narrowed, and its Q1 revenue gain was largely on the back of contributions from its ship management and shipyard services units as well as investments. Its expanded share base also means that earnings per share have taken a hit.