Singapore’s offshore services firm Vallianz Holdings has entered into agreements to buy two new built vessels at a total price of $21.8m.

“The acquisition of the vessels is in the ordinary course of business of the group and is undertaken as part of the group’s strategy to support its on-going business,” Singapore-listed Vallianz announced on Thursday.

The vessel acquisition will be funded by internal resources of the group and bank loans, the company added.

Vallianz, which is into offshore vessels ownership and chartering, pointed out that its OSV chartering business focuses on supporting projects located in shallow water oilfields, and it has established a strong presence in the Middle East.