SINGAPORE (July 13): Vallianz Holdings, the provider of offshore support vessels to the oil and gas industry, has clinched a time charter valued at up to US$300 million ($405.4 million) to supply two self-elevating platforms.

The group was awarded the contract by an existing customer in the Middle East, which is one of the world’s largest national oil companies, it said in a statement this morning.

Both vessels will be deployed from the third quarter of 2015 for a period of five years, with the customer having an option to extend the charter for another two years until 2022.

The vessels are self-elevating platforms which will be used to perform well servicing for the customer’s offshore platforms and well structures in the Arabian Gulf.

These self-elevating platforms are self-propelled, equipped with cranes and capable of supporting various offshore operations.

Vallianz closed 0.2 cent higher at 5 cents last Friday.