Vallianz / Swiber

Vallianz / Swiber: Vallianz remains on trading halt pending release of announcements. Swiber has sold its 50% interest in Rawabi Swiber Offshore Services (RSOS) to 28.9% associate, Vallianz for consideration of US$1.45m. This compares with RSOS’ NTA of US$0.3m. RSOS is a Saudi Arabian company that provides offshore marine support services for oil platforms and projects. Following the acquisition, Vallianz’s consolidated orderbook has now expanded 27-fold to US$334m, mainly due to an ongoing contract-with-additional option to charter AHTS vessels to a leading oil company in the Middle East. Vallianz views the acquisition positively, as it is inline with its growth strategy to pursue long-term charters, diversify its customer base, and establish a presence in Saudi Arabia and the Middle East. The business combination also boosts Vallianz’s vessel fleet to 22 offshore support vessels. Meanwhile, Swiber does not expect any material financial impact expected for FY13.