Vallianz inks new contracts worth $627.4m

To lengthen the charter duration of its OSVs.

Vallianz Holdings reported that it has inked new contracts worth up to $627.4m (US$458m) which has lengthened the charter duration for 19 of its offshore support vessels (OSV) currently deployed to an existing customer in the Middle East.

With the new time charter contracts, which modify certain terms in Vallianz’s previous contracts with the NOC, these vessels will continue to be deployed to the customer until June 2018, with an option to extend for two more years until June 2020.

Vallianz said that charter rates of the vessels in the new contracts have been revised lower by about 10% on average.

The group currently has 15 Anchor Handling Tug Supply (AHTS) vessels and 4 Platform Supply Vessels (PSV) supporting the offshore oil and gas operations of its customer.