Vallianz makes move into Middle East

CATALIST-LISTED Vallianz Holdings said yesterday that it has entered into an agreement with Swiber Offshore Construction, a wholly-owned subsidiary of mainboard-listed offshore company Swiber Holdings, to buy 50 per cent of its stake in Rawabi Swiber Offshore Services for US$1.45 million.

The other 50 per cent of the Saudi Arabia-based offshore marine services provider is owned by Rawabi Holding Company Limited, a Saudi Arabian oil and gas service company.

Through its new subsidiary, Vallianz takes over Rawabi Swiber's existing contracts, thus allowing it to boost its order book by more than 27 times to US$334 million, with a contract to charter Anchor Handling Tug Supply (AHTS) vessels to a leading oil company in the Middle East.