Vallianz Holdings has ceased operations at[ds_preview] its shipyard in Singapore due to the industry slowdown and discontinuation of business with a key local customer.
To mitigate the challenges of slower market conditions in the offshore & marine industry, the Group has decided to streamline its business operations. This includes the closure of certain non-core business units that will allow the Group to focus on its profitable vessel chartering business, primarily in the Middle East, said the company.
At the end of 2016, the Group had shut down the shipyard in Singapore to reap cost savings. Yard operations will be consolidated at its marine base in Batam, Indonesia. This marine base will continue to service the Group’s fleet of vessels and support activities required to fulfil its chartering contracts.
The decision to cease the shipyard operations in Singapore follows the closure of the Group’s businesses in the provision of crew management services to external parties and travel services to the offshore oil and gas industry.
