Vallianz sees challenging near-term conditions for OSV sector
The group noted encouraging signs that the global oil and gas industry is gradually recovering, but pointed out that near-term business conditions for the OSV sector will remain challenging. Soft charter rates in the competitive Southeast Asian market and drydocking costs for older vessels led to lower gross profit margins
However conscious of its dependence on one main client, Vallianz is trying to broaden and diversify its revenue streams, and is also working to expand its footprint in the Middle East in new markets in Egypt, Abu Dhabi and Kuwait