Vallianz Holdings, an offshore marine solutions provider, has signed an agreement with a major offshore construction company to provide charter and ship management services worth $82m.
Under the contract, Vallianz will deploy submersible vessels, pipe carriers, platform supply vessels (PSV), anchor handling tug supply vessels (AHTS) and cargo barges in Latin America from the third quarter of FY2014 to FY2015.
Additionally, the company will provide a full suite of offshore marine support services, including mobilisation, demobilisation, marine logistics support and operational services.
Vallianz believes the contract will help it showcase its marine solutions capabilities and build on its reputation in the Latin American region.
Vallianz executive director and CEO Darren Yeo said: "We are pleased to be awarded our first charter and ship management contract for 2014, which augments our current order book to another new record of $524m.
"This Latin America award is a strong and promising start for the year for Vallianz, and we are looking forward to riding on the exciting opportunities that this region brings.
"Global offshore oilfield-related investments are forecast to grow strongest in Latin America over the next few years, with exploration and production spending forecast to increase to $84bn in 2014, representing a 12.8% growth over 2013.
"Demand for offshore supply vessels in South America is one of the fastest growing globally, with a forecast compounded annual growth rate of 10.3% from 2013 to 2018.
"We are pleased that our bidding efforts across Asia Pacific, the Middle East and Latin America, totaling approximately $1.2bn, are starting to reap significant rewards."