Vallianz Holdings Limited, an integrated offshore marine solutions provider in the offshore oil and gas industry, through its subsidiary, has received a Letter of Award (“LOA”) for the provision of Charter and Ship Management services worth US$82.0 million to a major offshore construction company. The LOA excludes any variation or additional works to be negotiated later.
For this award, vessels including Submersible Vessels, Pipe Carriers, Platform Supply Vessels (“PSV”), Anchor Handling Tug Supply Vessels (“AHTS”) and cargo barges will be deployed in Latin America from 3QFY2014 to FY2015. Vallianz will also provide a full suite of offshore marine support services, including mobilisation, demobilisation, marine logistics support and operational services.
Commented Mr. Darren Yeo, Executive Director and Chief Executive Officer of Vallianz: “We are pleased to be awarded our first charter and ship management LOA for 2014, which augments our current order book to another new record of US$524.0 million. This Latin America award is a strong and promising start for the year for Vallianz and we are looking forward to riding on the exciting opportunities that this region brings.
“Global offshore oilfield related investments are forecast to grow strongest in Latin America over the next few years, with E&P (exploration and production) spending forecast to increase to US$84.0 billion in 2014, representing a 12.8% growth over 2013. Demand for offshore supply vessels in South America is one of the fastest growing globally, with a forecast compounded annual growth rate of 10.3% from 2013 to 2018.”
“We are pleased that our bidding efforts across Asia Pacific, Middle East and Latin America totaling approximately US$1.2 billion is starting to reap significant rewards. This project will provide Vallianz with the platform to showcase our marine solutions capabilities and to build on our reputation in the Latin American region. Not only will this platform bode well for future tenders, more importantly, it will help open doors for collaborations with prospective customers for their offshore requirements in this region.”