A renewed focus on its core chartering business in the strong Middle East market has helped offshore supply vessel (OSV) player Vallianz Holdings to a strong performance for 2017.
Vallianz Holdings’ latest corporate exercise to bring it back on a firmer financial footing will result in it coming firmly under Arab control with controlling shareholder and strategic partner Rawabi Holding seeing its shareholding potentially spike to 57.2% from about 14.8% previously.
Singapore’s OSV player Vallianz is continuing to ride on offshore activities coming from the Middle East market as the company looks to deploy more vessels into the region this year amid a globally challenging offshore market.
Singapore’s OSV player Vallianz has reached an agreement with eight of its trade creditors for them to subscribe to new ordinary shares of the company in exchange for setting off trade payables amounting to approximately SGD3.13m ($2.26m).
Singapore’s Vallianz Holdings has entered into a set-off and settlement agreement with its second largest shareholder Rawabi Holding Company, potentially allowing the Saudi Arabian firm to become Vallianz’s biggest stakeholder.
Offshore services firm Vallianz Holdings has warned of a significant net loss for the third quarter of 2017 and the 15-month period ended 31 March 2017, due mainly to non-cash impairment expenses.
Singapore’s offshore services firm Vallianz Holdings has ceased operations at its shipyard in Singapore since end-2016 as part of efforts to streamline business operations amidst the severe industry downturn.