Vallianz, Rawabi see continuing activities in Middle East offshore market

Rawabi is a controlling shareholder of Vallianz with 18.7% equity stake, and a joint venture partner through Rawabi Vallianz Offshore Services (RVOS).

“While the global oil markets are presently facing slower conditions, we believe RVOS will be able to take advantage of business opportunities in the Middle East region where oil and gas production activities and investments remain positive,” said Sheikh Abdulaziz Al Turiki, group chairman of Rawabi and chairman of RVOS.

The backing by Rawabi for Vallianz is seen as an important step for the latter in shoring up confidence among investors, especially following the sudden downfall of Swiber, which owns 25.2% stake in Vallianz.

“The group wishes to update shareholders that its core vessel chartering business is continuing as usual and it has not experienced any disruption to its business operations following the recent events at Swiber,” Vallianz said.

The court has ordered Swiber and its subsidiary Swiber Offshore Construction to be placed under interim judicial management.

Meanwhile, Singapore-listed Vallianz has reported a first half net profit of $9.46m, down 6.3% from $10.1m in the same period of 2015.

First half revenue also dropped by 10.2% year-on-year to $112.96m due chiefly to lower sales generated from vessel management services but offset by higher contributions from vessel chartering and brokerage business.