Vallianz Holdings Limited

The fleet

Vallianz Offshore Marine, the group's Singapore operating arm, charters, manages and brokers a fleet of 74 offshore support vessels across eleven classes: anchor handling tugs and anchor handling tug supply vessels with DP1 and DP2 dynamic positioning, platform supply vessels, offshore floating storage units, submersible launch barges, accommodation and multipurpose support vessels, flat-top cargo barges, harbour towing tugs, utility vessels and crew boats.

That range is the point. The work the company lists for them — "transportation and supply, dynamic positioning operations, anchor handling, offshore mooring, subsea operation, marine salvage, offshore wind farm installation and decommissioning" — spans the full life of an offshore field, from installing a platform to taking it away again. A charterer that needs an anchor handler this quarter and an accommodation vessel the next can source both from one counterparty.

Two businesses under one listing

The group reports three segments: vessel chartering and management, shipyard and newbuild management services, and investment holding. The split between the first two is stark, and it is not the one most people assume.

In the financial year ended 31 December 2025, shipyard and newbuild management generated external revenue of US$257.9 million — roughly 78 per cent of the group total — against US$74.4 million from vessel chartering and management, roughly 22 per cent. Vallianz is better known as a vessel owner, but on the top line it is principally a builder and manager of other people's newbuild programmes.

That business is also the volatile one. Group revenue fell to US$332.3 million from US$497.9 million the year before, almost entirely because the shipyard segment came down from US$454.1 million. The group still finished the year profitable — US$10.7 million attributable to owners, on total assets of US$474.8 million.

The chartering book is growing

Underneath that fall, the chartering business went the other way. External revenue from vessel chartering and management rose to US$74.4 million from US$43.8 million, which the group attributes to an expanded fleet following vessel additions, higher charter rates and improved vessel utilisation.

All three of those move together in a tightening offshore market: more vessels, earning more per day, idle for less of the year. It is the segment with the recurring revenue and the long charters, and it is the one Vallianz has been adding steel to.

Seventeen territories, and no map

Vallianz vessels work in Malaysia, Singapore, Vietnam, Thailand, India, Qatar, the Kingdom of Saudi Arabia, Australia, Papua New Guinea, Indonesia, the Gulf of Mexico, Sakhalin, Turkmenistan, New Zealand, Taiwan, Argentina and East Timor. Regional offices operate in Saudi Arabia, Mexico and Indonesia; the Middle East is described in the group's own filing as one of its key markets.

What the record will not show is how much money comes from where. The directors state that operating across international waters "precludes a meaningful allocation of revenue and non-current assets" by geography, so the group publishes no country breakdown. That is a genuine feature of the business rather than a gap in disclosure: a vessel on charter is not resident anywhere.

Run from Singapore, built in Batam

The commercial centre is Singapore. Chartering, fleet management, project management and in-house engineering are directed from the head office at Labrador Tower on Pasir Panjang Road, and the parent company is listed on the Catalist board of the Singapore Exchange.

The steel is cut elsewhere. Fabrication, vessel docking, repair, maintenance and newbuild work are carried out at the group's shipyard at Batam, Indonesia — PT United Sindo Perkasa — and at third-party yards. It is a division of labour common across the region's marine sector, and worth stating plainly: Singapore is where this fleet is commissioned, traded and run, not where it is welded.