SINGAPORE, 2 February 2021 – Vallianz Holdings Limited (“Vallianz” or the “Company”, and together with its subsidiaries, the “Group”) has entered into a binding Memorandum of Understanding with SeaTech Solutions International Pte Ltd (“SeaTech”) to develop the next generation of environmentally-friendly harbour tugs based on SeaTech’s “EVT-60” design.
The all-electric tug (“e-tug”) is designed to be powered by clean energy with an aim of zero carbon emission. The e-tug will support vessel owners to comply with the 2030 and 2050 targets set by International Maritime Organisation (IMO) to reduce the shipping industry’s carbon footprint over the coming decades.
Measuring an overall length of 26 meters and beam of 12.8 meters, the e-tug will be equipped with azimuth propulsion and have a bollard pull of 60 tonnes with service speed of 12 knots. Its high-capacity electric battery modules will also pack enough power for its operational profile. Upon completing development of SeaTech’s “EVT-60” design for the e-tug, Vallianz intends to utilize the Group’s shipyard, Vallianz PT USP, to begin preparation works for potential clients and vessel owners who are interested in constructing an e-tug.
The design of the e-tug will be carried out in accordance with the American Bureau of Shipping (ABS) “Guide for Use of Lithium Batteries in the Marine and Offshore Industries” and the ABS “Guide for Hybrid Electric Power Systems for Marine and Offshore Applications”.
Instead of adapting past designs from its large database of proven tug designs, SeaTech has developed the “EVT-60” design with a brand-new battery powered concept. The power delivery of the e-tug’s battery can be optimized according to the vessel’s real-time power demand. This will result in a more flexible and efficient operation as the e-tug will have the ability to provide a range of bollard pull to meet different operational requirements.
“Technology for electric vessels is available, and the real challenge is to develop a cost-effective total logistics solution. We target a CAPEX increase of only 20% with lower life cycle costs for this electric tug. The electric tug lends itself to digitalisation and future autonomous operations. We see this as the future of harbour Tugs and we are delighted to bring this Technology to SEAsia,” said Mr Govinder Chopra, Director of SeaTech.
“This strategic partnership marks Vallianz’s first step into the development of electric vessels, which demonstrates our aim to be among the leaders recognised for active reduction of carbon emissions in the marine industry. With the rise in demand for decarbonisation, coupled with the evolving digitised efficiency management systems for vessels, we foresee increasing requirements for electric vessels in
the near future. We believe the partnership with SeaTech will showcase Vallianz’s ability to diversify its strengths and constantly innovate as we work towards achieving long-term growth and sustainability,” said Mr Darren Yeo, Executive Vice Chairman of Vallianz.
“Hybrid electric power systems offer the opportunity to improve safety, reliability, operational efficiency and reduce the fuel consumption, environmental footprint and equipment maintenance when compared to traditional power systems. ABS has long supported shipowners looking to utilise this technology and is an industry leader in developing guidance that advances safer integration of hybrid power systems into marine and offshore assets,” said Gareth Burton, Vice President, Technology of ABS.
Vallianz’s partnership with SeaTech is not expected to have any material impact on the net tangible assets or earnings per share of the Group for the current financial year ending 31 March 2021.
About Vallianz Holdings Limited
Headquartered in Singapore, Vallianz serves the global energy sector and provides offshore marine services for oil and gas exploration and production operations to oil majors and national oil companies worldwide.
Today, the Group owns and operates a modern fleet of over 60 vessels to provide critical support for customers’ offshore oil and gas activities. Vallianz covers markets in the Middle East, North Africa, Central Asia and Southeast Asia. The Group also owns a shipyard in Batam, Indonesia. Listed on SGX-Catalist, Vallianz is helmed by an experienced management team.
About Vallianz PT USP
Established since 2006, Vallianz PT. United Sindo Perkasa shipyard (Vallianz PT USP) is owned by Vallianz Holdings Ltd and located in the Kabil Industry Zone of Batam, Indonesia. PT USP serves as a marine base for vessel docking, repair and maintenance works. The shipyard possesses strong in-house fabrication and engineering capabilities such as ship building, ship conversion, ship repair, machining works, piping repairs and installation and mechanical repair of marine equipment.
For more details about Vallianz, please refer to http://www.vallianzholdings.com.
About SeaTech Solutions International Pte Ltd
Since inception in 2000, SeaTech has built a strong reputation for reliable, highly efficient and environmentally friendly vessel designs operating globally. We take pride in building a strong bond with clients, from inception, to delivery, and beyond, by listening to their operational requirements to ensure best-customized solutions.
To date, SeaTech has over 300 unique designs and more than 400 vessels sailing globally. As a centre for marine and offshore excellence, SeaTech covers the complete set of design, engineering and consulting disciplines in-house. Clients receive high quality services at cost-effective rates due to our multi-talented team using the latest modern technology.
For more information about SeaTech, please refer to https://www.seatechsolutions.com
Issued by Vallianz Holdings Limited
For queries, please contact:
Vallianz Holdings Ltd
+65 9833 2130
Prabjot Singh Chopra
SeaTech Solutions International Pte Ltd
+65 9109 8725
Vallianz Investor Relations contact:
+65 6296 3583