Vallianz Holdings Ltd, a Singapore-based offshore services provider has joined forces with Rawabi Holdings to create a new Saudi Arabian-based subsidiary focused on providing offshore marine services in the Middle East.
With this new partnership, “Vallianz’s vessel fleet is strengthened to a fleet of 22 offshore support vessels, our orderbook is propelled over 27 times to US$334.0 million, and our customer base is now extended beyond Asia Pacific to the Middle East,” commented Mr. Darren Yeo, Executive Director and CEO of Vallianz in a statement on his company’s website.
“Rawabi is one of the fastest-growing companies in the Middle East and a leading conglomerate in the Kingdom of Saudi Arabia. Rawabi has been a service provider to national oil companies such as Saudi Aramco for the last three decades. With the New Subsidiary, Vallianz is well-positioned to seize the abounding opportunities that the offshore oil and gas industry offers in the Middle East,” adds Yeo.
Vallianz sees opportunity within the Middle East offshore support vessel (OSV) sector as the regional E&P market continues to grow. They note that the growth in OSV newbuilds remains flat, leading to rising charter rates.1
1 Source: Investing Ideas: Small offshore support providers set to recover from short slump, says CIMB – The Edge Singapore, January 14, 2013