Vallianz welcomes investors to drive expansion

Rawabi, a Saudi Arabian oil and gas service company, will subscribe for redeemable convertible capital securities issued by Vallianz for a principal amount of $35.2m.

As for the option agreement, Swiber will be issued an aggregate of 500m nontransferable share options, which could raise gross proceeds of SGD27.5m ($22m) if all options are exercised.

Darren Yeo, executive director and ceo of Vallianz, said: “With an enlarged share capital and further alignment of our business interests, it will also pave the way for new business opportunities and future growth.”

Recently in October, Vallianz's orderbook was boosted to $334m through a new subsidiary in Saudi Arabia, with an ongoing contract-wth-additional option to charter offshore support vessels to an oil firm in the Middle East. The new subsidiary is jointly owned by Rawabi and Vallianz bought out Swiber's stake in the venture.