Hot stock: Vallianz shares gain on contract win

SHARES of Vallianz Holdings gained on Monday on heavy trading, after the provider of offshore support vessels announced a contract win.

Its shares rose by 0.1 Singapore cent to S$0.049 at 11.13am, with the stock being among the top five most actively traded counters. Some 17.8 million shares changed hands.

Vallianz said it has won a time charter contract valued at up to US$98 million to supply four offshore support vessels to an existing state-owned customer in the Middle East, which is one of the world's largest national oil companies.

The four vessels will commence operations at the customer's oil fields in the first quarter of 2016 for a period of up to five years.