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  • 2017 May 22 13:11

    Vallianz records operating profit of US$ 20.3 mln for FY 2017

    Vallianz Holdings Limited,  an  established  provider of offshore support vessels and integrated marine  solutions  to the oil and gas industry, today reported  its financial results  for the 15 months ended 31  March 2017. 

    The Group’s financial year - end has been changed to 31 March from 31 December previously.  The Group recorded a n operating  profit  before  tax  of  US$ 20.3 million on revenue of US$247.8 million  in FY 2017.  Around  84 % of the Group’s  revenue was generated  by its vessel chartering and brokerage  business which is  buoyed primarily by long - term chart er contracts in the Middle East. This  contribution  was higher  compared to 64% for the 12 months ended 31 December 2015, which is in line  with the Group’s strategy to focus on its core vessel chartering and brokerage business.

    Correspondingly,  vessel management services accounted for a  lower  15 % of Group revenue in  FY 2017.  Gross profit margin in FY2017 was slightly softer at 25. 2 % compared to 27.9% in  FY 2015. This  was due mainly to  the  renewal of certain existing contracts at a lower average charter rate ( as announced on 20 July 2015), which was  partially cushioned by  the  Group ’s  proactive management of operating costs. 

    As a result of the business slowdown in the offshore oil and gas industry, the  Group had to record non - cash  net  impairment expenses totaling  US$ 214.6 million,  including impairment expenses of  US$ 22.3 million attributable  to non - controlling interests, for certain of its assets in  FY 2017.  These Exceptional Expenses caused the Group to slip into  the red  in FY2017 with  a net  loss  of  US$ 158.4 million.

    About Vallianz Holdings Limited

    Vallianz Holdings Limited is an established provider of offshore support vessels and integrated offshore marine  solutions to the oil and gas industry. Headquartered in Singapore, the Group provides offshore marine services to oil  majors and national oil co mpanies worldwide. Today, Vallianz owns and operates a young fleet of  52 offshore  support vessels and covers markets in the Middle East, Asia Pacific and Latin America. To strengthen its foundation for growth, the Group is currently executing initiatives to expand its geographical reach,  as well as broaden its range of marine assets and solutions. The Group also continues to seek opportunities and  strategic alliances to increase its penetration in the major and emerging offshore oil and gas markets. Listed on  SGX - Catalist, Vallianz is helmed by an experienced management team. 

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