Vallianz Holdings said that Vallianz Capital, a wholly-owned subsidiary of the company, has agreed to acquire 2,000 ordinary shares in Rawabi Swiber Offshore Services from Swiber Offshore Construction Pte for US$1.45 million.
The shares represent 50% of the issued and paid-up share capital of Rawabi Swiber.
Rawabi Swiber Offshore Services is a company incorporated in the Kingdom of Saudi Arabia and is involved in the provision of offshore marine support services for oil platforms and projects.
Vallianz Holdings believes the acquisition is in line with the group’s strategic business directions to expand its asset base, focus on providing integrated offshore marine services to the major oil and gas companies, and further develop its customer base. The acquisition will also allow the group to establish a presence in the Kingdom of Saudi Arabia and the Middle East.
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