Singapore-based offshore marine service provider Vallianz Holdings Ltd announced today a collaboration agreement with China Offshore Oil Engineering Co (COOEC), the largest offshore engineering and construction company in China.
Under the three-year agreement, Vallianz will support COOEC’s offshore construction operations through the charter or subcontracting of offshore support vessels, to include submersible launch vessels.
Mr Darren Yeo, Chief Executive Officer of Vallianz, noted in a press release this new partnership is “an enormous opportunity” support his company’s growth into China’s offshore O&G sector.
In 2014, CNOOC (COOEC’s parent company) has about 20 new projects under construction with for to five large projects to be brought on-stream according to an 12 May 2014 report by investment bank Barclays. These projects could add 170,000 barrels per day of new net capacity in 2014 – the highest ever in a year, according to the report.