Singapore’s Vallianz Holdings has clinched a time charter contract valued at up to $98m to supply four OSVs to a national oil company (NOC) in the Middle East.

The four OSVs are AHTS vessels equipped with DP2 capabilities and will start work at the NOC’s oil fields in the first quarter of 2016 for up to five years.

“As the Gulf region is expected to continue witnessing high levels of offshore oil production activity, we see immense opportunities to leverage our established market reputation to broaden the group’s presence in this major oil producing region,” said Ling Yong Wah, ceo of Vallianz.

The latest contract win boosts the group’s chartering services orderbook to over $1bn, which comprises mainly long term time charters that stretch up to 2022.

With the deployment of these four AHTS vessels, Vallianz will have a total of 28 OSVs supporting the offshore oil and gas activities of the NOC in 2016. This includes earlier contracts awarded by the NOC for two self-elevating platform vessels as well as a specialised offshore floating storage and supply vessel that is scheduled to commence operations in early 2016.

Vallianz is presenting bidding for charter contracts with a combined value of $1.8bn mainly for projects located in the Middle East.