Rawabi invests $35.2m in Vallianz

Saudi Arabian oil and gas services firm Rawabi Holdings have invested $35.2m in Singapore’s Vallianz Holdings.

Vallianz completed the issue of $35.2m redeemable capital securities to Rawabi on Monday.

The Singapore-listed company also issued $22m non-transferable share options to fellow Singapore offshore services provider Swiber.

The fundraising has raised Vallianz’s equity to $129.2m.

“This is a corporate milestone for the company as it takes our business relationship with key stakeholders deeper, further aligning the business interests of Vallianz and our stakeholders. It is also a demonstration of the industry’s firm confidence in Vallianz’s growth potential,” said Darren Yeo, executive director and ceo of Vallianz.

The company aims to expand its fleet of 26 offshore vessels to 50 by 2016.

Posted 17 February 2014

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Marcus Hand

Editor, Seatrade Maritime News

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