Vallianz nets $300 million Platform contract

Saudi Arabia

RIYADH, July 13, 2015 – Singapore’s Vallianz Holdings, an offshore support vessel operator, has been awarded a $300-million contract in the Middle East by an undisclosed national oil company. The five-year, time-charter agreement for the supply of two self-elevating platforms includes a two-year extension and is expected to commence in the latter part of 2015.

The platforms will be used to support a number of offshore operations in the Arabian Gulf, including wireline interventions, wellhead maintenance and equipment and personnel transportation.

The contract was solidified during a time when the global oil market remains in flux as a result of uncertainty surrounding Iran’s entrance into the global oil market, following the end of sanctions.

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