MTQ resumes Middle East operations; Vallianz not ‘significantly’ affected
This comes after the US and Israel launched their biggest attacks on Iran in decades on Feb 28
[SINGAPORE] MTQ Corp’s Middle East operations have resumed, while Vallianz Holdings has not been “significantly” affected by conflicts in the region, the two Singapore-listed companies said in separate bourse filings on Thursday (Mar 5).
MTQ, a mainboard-listed engineering solutions provider that specialises in oilfield engineering and engine systems, said its facilities in Bahrain and the United Arab Emirates have resumed operations.
This came after the company’s “assessment of evolving security situation and implementation of appropriate safety and precautionary measures”.
MTQ will still consider adjusting its operational arrangements, including temporarily suspending activities, in accordance with prevailing conditions and appropriate safety measures.
Meanwhile, Vallianz – a group providing offshore marine and engineering solutions for the energy industry – said customers and operations in the region “may experience increased operational uncertainties arising from the conflict, including potential project delays, logistical constraints, and higher insurance and security-related costs”.
“These evolving conditions may adversely affect the group’s ability to fulfil certain contractual obligations in a timely manner,” it said. “Notwithstanding the above, the group’s operations in the Middle East have not, to date, been significantly affected and vessels continue to operate as per normal.”
Vallianz has vessels deployed under charter to customers operating in the region; it is also constructing newbuild vessels intended for deployment within the region upon completion.
The United States and Israel launched their biggest attacks on Iran in decades on Feb 28, causing the Islamic Republic to target US interests in the region.
MTQ closed up S$0.01 or 4.5 per cent at S$0.23, while Catalist-listed Vallianz ended at S$0.062, down 1.6 per cent or S$0.001 on Friday.
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