Vallianz Holdings Ltd (Vallianz), one of the largest providers of offshore support vessels in the Middle East, has embarked on a strategic partnership with Calm Oceans Pte Ltd (Calm Oceans) which has awarded the Group a contract to construct Calm Oceans' first Mono-Column Platform - Lite (MCP-Lite), a unique offshore mobile platform. The construction is expected to complete in 9 months.
Headquartered in Singapore, Calm Oceans is a global offshore oil and gas company that provides innovative design and engineering services for offshore self-installing jack-ups and storage systems.
Calm Oceans is founded by industry veteran Mr Brian Chang who has more than 40 years of experience in the oil and gas industry. As a pioneer in the design and construction of jack-ups in Asia, Mr Chang has built an illustrious track record in the oil and gas industry.
A brainchild of Mr Chang, the Mono-Column Platform ("MCP") is a multi-purpose and high payload jack-up rig designed to address the challenges relating to marginal fields and early monetisation of oil fields. Comprising a deck box, 3/4-chord square truss structure (mono-column) and a mat foundation, the MCP is able to operate in oil fields with soft seabeds that pose challenges for conventional jack-up rigs.
The uniqueness of this offshore mobile platform also stems from its flexibility as the MCP can be fitted with modular facilities either individually or in combinations to suit the end-users' requirements, such as gas-processing, production, accommodation and ancillary support system. The MCP boasts an impressive operational capability up to depths of 500 feet, and supports up to 5,000 metric tonnes (MT) Variable Deck Load, and a deck space of up to 4,200 m2.
Vallianz has been appointed by Calm Oceans to construct one unit of MCP-Lite, which is a lighter version of the MCP that is suitable for fields with shallow water depth of up to 70 metres. The construction will be carried out at the Group's shipyard in Batam, Indonesia. The Group expects to deliver the MCP-Lite to Calm Oceans in the first quarter of 2020.
Mr Darren Yeo, Executive Vice Chairman of Vallianz said, "We are honoured that Calm Oceans has selected Vallianz as its strategic partner to work on its MCP-Lite, which will be the first of its kind in the offshore oil and gas industry. Besides requiring a substantially lower capital investment, the MCP-Lite also offers the end-user with a host of cost and operational advantages as compared to conventional jack-up rigs."
In addition to its flexibility of being easily configured to suit the requrements of the customer, the MCP-Lite requires minimal operational maintenance and is capable of operating continuously on-site throughout the duration of an offshore project, without the typical down-time needed for dry-docking. This will enable the end-user to improve the schedule, minimise risk and reduce the costs of its project.
"The formation of this partnership with Calm Oceans provides a strategic opportunity for Vallianz to broaden the Group's service offering beyond our traditional offshore support vessel business and tap new revenue streams," said Mr Yeo.
The contract is not expected to have any material impact on the net tangible assets or earnings per share of the Group for the current financial year ending 31 March 2020.