The Board of Directors of Vallianz Holdings Limited announced that at the end of 2016, the Group has ceased operations at its shipyard in Singapore due to the industry slowdown and discontinuation of business with a key local customer. In view of the current weak market conditions, the Group has decided to consolidate its yard operations at its marine base in Batam, Indonesia. This marine base will continue to service the Group's fleet of vessels and support activities required to fulfil its chartering contracts. The decision to cease the shipyard operations in Singapore follows the closure of the Group's businesses in the provision of crew management services to external parties and travel services to the offshore oil and gas industry. The closure of these non-core business units is part of a rightsizing exercise that is expected to reap cost savings for the Group.