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Rawabi backs Vallianz after Swiber fail

Rawabi backs Vallianz after Swiber fail
Vallianz’s second largest shareholder Rawabi Holding has publicly backed the Singapore-listed offshore firm after its biggest shareholder Swiber dramatically collapsed the day before.

Rawabi with an 18.7% stake in Vallianz is the second largest shareholder in the OSV owner following Swiber with 25.2% which filed for winding up early on Thursday morning.

In a statement to the Singapore Exchange, Sheikh Abdulaziz AlTurki, group chairman of Rawabi and chairman of RVOS said, “As a controlling shareholder and business partner of Vallianz, Rawabi would like to express our confidence in the group’s business prospects.

“Through RVOS, the group has grown steadily to become one of the largest offshore support vessel providers in the Middle East region where offshore oil and gas activities continue to be vibrant.”

The two companies said they continued to seek new long term charter contracts in the Middle East for Vallianz.

It is the second time in 24 hours that Vallianz has issued statements saying its business would continue as normal in the wake of Swiber’s collapse.