Vallianz achieves strong 2013 resultsVallianz achieves strong 2013 results

The Singapore-listed company reported a 2013 net profit of $7.49m, a jump of 211% compared to a profit of $2.41m in 2012.

The surge in profit was aided by a 73% year-on-year rise in revenue to $19.99m.

“We are pleased to have achieved this record level of earnings and orderbook numbers built on a season of solid growth in contract wins and an increase of strategic equity investment into Vallianz by industry players in Singapore and Saudi Arabia,” said Darren Yeo, executive director and ceo of Vallianz.

Last year, Vallianz entered into a subscription agreement with Rawabi, a Saudi Arabian oil and gas service company, in which Rawabi will subscribe for redeemable convertible capital securities in Vallianz for an amount of $35.2m. The completion of this subscription exercise is expected before 31 March 2014.

Vallianz also entered into an option agreement with Swiber Holdings to raise a potential $22m.

“With demand for offshore marine vessels expected to continue rising, Vallianz plans to boost our current young and best-in-class vessel fleet of 26 offshore marine vessels to 50 vessels by 2016,” Yeo said.