Vallianz acquires offshore services firm OER for US $27.7 mln
Vallianz Holdings Limited, a fast growing provider of offshore support ves sels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte. Ltd. for US$27.7 million, the company said in its press release. Headquartered in Singapore, OER is a provider of manpower services to the offshore industry and has been supplying professional crew with proven experience in offshore work and related hospitality services to clients worldwide including Brunei, Ind onesia, Malaysia, Vietnam, Thailand, India and Mexico.
OER was founded by Mr Sugianto Tandio, a respected business entrepreneur who has gained recognition for his achievements through several awards, notably the World Economic Forum's 2013 " Schwab Foundation Social Entrepreneur of the Year Award " and the " Ernst and Young 2013 Entrepreneur of the Year Innovation Award". Mr Tandio is Indonesian and a Master of Science graduate from the Process Automation Engineer program at the University of North Dakota, USA. The Acquisition will enable the Group to attain greater efficiency in the management of crew personnel and raise the value of its services to customers.
At the same time, it will also expand the Group’s customer base and geographical footprint. The purchase consideration will be satisfied by the issue of 250 million ordinary shares in the capital of Vallianz at a price of S$0.14 per share. This re presents a substantial premium of 27% to Vallianz’s volume-weighted average price of S$0.1101 per share on 30 September 2014. The Acquisition follows on the heels of Vallianz’s recent purchase of a marine base in Batam, Indonesia. These initiatives are complementary to the Group’s vessel chartering and third-party vessel management businesses and will lead to further inte gration within the organisation.
About Vallianz Holdings Limited
Vallianz Holdings Limited is a fast growing provide r of offshore support vessels and integrated offsho re marine solutions to the oil and gas industry. Headquartered in Singapore, the Group provides offshore marine services to oil majors and national oil companies worldwide. To day, Vallianz owns a young fleet of over 29 offshore support vessels and covers markets in Asia Pacific, the Middle East and Latin America. To strengthen its found ation for growth, the Group is currently executing initiative s to expand its asset base and geographical reach.
