Singapore’s Vallianz has secured a time charter contract valued at up to $98 million to supply four offshore support vessels to an undisclosed client in the Middle East.
In a statement issued Monday, Vallianz said the client was an existing state-owned customer in the Middle East, which is one of the world’s largest national oil companies (NOC).
The four OSVs are Anchor Handling Tug Supply vessels equipped with Dynamic Positioning 2 capabilities and will begin operations at the NOC’s oil fields in the first quarter of 2016 for a period of up to five years.
CEO of Vallianz, Ling Yong Wah said, “This new contract win reaffirms the confidence of the NOC customer in our execution capabilities, organisational superiority and management bandwidth as it has continued to award Vallianz with long-term charter contracts in spite of challenging industry conditions and increased competition from other OSV players in the Middle East region. We believe it is a testament of the good working relationship that we have forged with the NOC.”
With the deployment of these four AHTS vessels, Vallianz will have a total of 28 OSVs supporting the offshore oil and gas activities of the NOC in 2016, the ship owner said. This includes earlier contracts awarded by the NOC for two self-elevating platform vessels as well as a specialised offshore floating storage and supply vessel that is scheduled to commence operations in early 2016.