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Vallianz books $8.7m first half profit

Vallianz books $8.7m first half profit
Vallianz, provider of OSV and marine solutions to the oil and gas industry, has stayed in the black despite weaker business conditions in the global offshore oilfield services market.

Singapore-based Vallianz reported a first half net profit of $8.74m, down 13.1% compared to $10.05m in the previous corresponding period.

Revenue during the six-month period was recorded at $125.75m, representing a jump of 89.8% from $66.26m in the year-ago period, due mainly to higher contributions from its OSV chartering operations.

Vallianz, which presently owns a fleet of 40 OSVs, focuses its OSV chartering business on shallow waters. It serves primarily national oil companies and has built a strong presence in the Middle East, where production activities have remained vibrant despite the weak oil price environment.

“Since entering the Middle East market in the latter half of 2013, we have been working continuously to strengthen our relationship with a Middle East state-owned oil company (…). As a result of these efforts, we have become a key supplier of OSVs to this customer. Indeed, the group has continued to secure charter contracts with our customer for a total value of up to $758m last month,” said Ling Yong Wah, ceo of Vallianz.

As at July 2015, Vallianz’s chartering services orderbook had risen to a record level of $968m, comprising mainly of long term charters that stretch up to 2022. This compares to its orderbook of $540m as at 31 December 2014.