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Vallianz buys stake in Saudi offshore marine ventureVallianz buys stake in Saudi offshore marine venture
Singapore-listed Vallianz Holdings has expanded its orderbook to $334m with a new joint venture in Saudi Arabia.
1 Min Read
Kalyakan - stock.adobe.com
The offshore marine service provider has taken a 50% stake in a joint venture with Saudi Arabia’s Rawabi. Vallianz has taken a 50% stake in Rawabi Swiber Offshore Services for $1.45m. The company has an ongoing contract-with-additional option to charter AHTS vessels to a Middle East oil company. The latest venture boosts Vallianz’s orderbook to $334m, and the company is hoping to win more contracts in the Middle East.
“Rawabi is one of the fastest-growing companies in the Middle East and a leading conglomerate in the Kingdom of Saudi Arabia. Rawabi has been a service provider to national oil companies such as Saudi Aramco for the last three decades,” said Darren Yeo, executive director and ceo of Vallianz. “With the new subsidiary, Vallianz is well-positioned to seize the abounding opportunities that the offshore oil and gas industry offers in the Middle East.”
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