OFFSHORE support vessel company Vallianz Holdings on Friday said it has signed a memorandum of understanding (MOU) with SeaTech Solutions International to " develop the next generation of environmentally friendly harbour tugs" .

 

The MOU is valid for two years, unless mutually extended in writing by both parties, both companies said in a joint statement. The harbour tugs will be based on SeaTech' s EVT-60 design.

 

These all-electric tug, or e-tugs, are designed to be powered by clean energy, with an aim of zero carbon emission. E-tugs can help reduce the shipping industry' s carbon footprint over the coming decades as they allow vessel owners to comply with the 2030 and 2050 targets set by International Maritime Organisation (IMO), said the companies.

 

Govinder Chopra, director of SeaTech, said: " Technology for electric vessels is available, but the real challenge is to develop a cost-effective total logistics solution."

 

For this electric tug, SeaTech will be targeting a capital expenditure increase of only 20 per cent, with lower life cycle costs.

 

" The electric tug lends itself to digitalisation and future autonomous operations. We see this as the future of harbour tugs, and we are delighted to bring this technology to South-east Asia," said Mr Chopra.

 

Upon completing development of SeaTech' s EVT-60 design for the e-tug, Vallianz intends to utilise the group' s shipyard to begin preparation works for potential clients and vessel owners who are interested in constructing an e-tug.

 

Darren Yeo, Vallianz' s executive vice-chairman, said that the strategic partnership marks the company' s first step into the development of electric vessels.

 

He added: " With the rise in demand for decarbonisation, coupled with the evolving digitised efficiency management systems for vessels, we foresee increasing requirements for electric vessels in the near future. We believe the partnership with SeaTech will showcase Vallianz' s ability to diversify its strengths and constantly innovate as we work towards achieving long-term growth and sustainability."

OFFSHORE support vessel company Vallianz Holdings took more than a week to disclose the sale of its subsidiary as it was corresponding with its listing sponsor.

 

That was the explanation the Catalist-listed company gave on Friday, after the Singapore Exchange (SGX) raised an eyebrow at the time taken to make the announcement.

 

Vallianz had sold a wholly-owned unit for a nominal US$1 on Dec 31, 2020, but filed the announcement on the bourse only on Jan 11, 2021, prompting queries from the SGX.

 

The company told sponsor Provenance Capital about the deal on the evening of Jan 4, after the year-end holiday break, according to the timeline released by Vallianz.

 

Upon learning that a disclosure was needed under Catalist rules, Vallianz prepared a draft statement for Provenance Capital' s review on Jan 5.

 

Over the course of the week, the company then amended its announcement and sale and purchase agreement (SPA) in response to comments from its listing sponsor.

 

By the time the SPA was re-signed and a copy provided to the sponsor, it was the evening of Jan 8, which was a Friday. Vallianz released its announcement on Jan 11, the next business day, since the company first had to seek its board' s clearance, it said.

 

The hitherto-unnamed buyer for Offshore Engineering Resources and its subsidiaries has been identified as an entity owned by Singaporean businessman Tan Yam Seng.

 

The company, which had earlier said that the unit was sold to an unrelated third party, did not disclose the details in its initial announcement " due to confidentiality clauses in the SPA" , Vallianz said, after the SGX asked why its identity was not stated earlier.

 

The company added, in reply to another question from the SGX, that it decided to sell the Mexico-focused business unit as its crew management services make up a non-core business and Vallianz has no other operations in that region.

 

OFFSHORE support-vessel owner and operator Vallianz Holding has exercised its rights to defer a payment of distribution to perpetual securities holders originally due on Tuesday.

 

The firm had issued US$22.5 million worth of senior perpetual securities, carrying a 4 per cent coupon, as part of its S$500 million multi-currency debt-issuance programme.

 

In a bourse filing on Tuesday, it said the deferment of distribution had been on the basis that in the preceding 12 months, no dividend, distribution or other payment has been paid or declared by the firm on or in respect of any of its junior obligations.

 

Also, none of the firm' s junior obligations has been redeemed, reduced, cancelled, bought back or acquired for any consideration by the firm.