Singapore OSV operator Vallianz has formed a joint venture with Thailand’s Penn Marine Service to strengthen its position in the offshore energy sector in Thailand. Penn Marine specialises in the repair and maintenance of OSVs, as well as project management and other services for the offshore energy market in Thailand, where Vallianz presently provides OSV chartering services. The duo has been working closely for the past few years, and the new partnership will combine both companies’ expertise with the aim of capturing a larger market share with national and international companies. “We believe this partnership with Penn will lead to synergies as it combines Penn’s local experience and extensive contacts in Thailand’s offshore energy industry, with Vallianz’s assets, competencies and integrated marine solutions,” said Ling Yong Wah, CEO of Vallianz. As part of the deal, Vallianz has agreed to acquire a 49% stake in Marineast Vallianz Offshore (MVO), which was incorporated in September 2023 during the early discussions between the two companies to provide primarily marine vessel services in Thailand. Thailand’s oil and gas sector is expected to see further development as its state-owned energy group PTT intends to continue with investments to boost exploration and production of oil and natural gas, and Vallianz said these developments are expected to bode well for demand of OSVs. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsSingapore Thailand