GMMOS Secures $100 Million Term Loan Facility to Fund Acquisitions in the Offshore Supply Vessel Sector
backed Gulf Marine Maintenance and Offshore Service Company (“GMMOS”), a
leading
offshore oil & gas industry, has secured a
from Standard Chartered Bank, Abu Dhabi Commercial Bank, Credit Suisse and
Deutsche Bank to refinance existing debt and fund acquisitions in the
offshore supply vessel (OSV) sector, with a focus on the GCC and
Asia
The acquisitions are expected to lead to a significant increase in Group
profitability and asset base, with the Group’s current fleet increasing from
28 OSVs to 34 OSVs by the end of 2009. A number of the new vessels to be
acquired operate on a term charter basis in
the group’s current activities in the GCC and
Group’s client base. As a result of the acquisitions, GMMOS Group fleet age
is estimated to be well below the average age in the sector.
The acquisitions are consistent with the shareholders’ strategy to expand
and enhance the GMMOS offshore OSV fleet and chartering capabilities
increasing its scale and transforming GMMOS into one of the largest fleet
owner operators in the MENASA region.
About GMMOS Group: GMMOS Group is comprised of four well-established
business divisions centered on two main activities: Marine and Engineering.
In Marine, GMMOS activities include
Supply Vessel (OSV) charter operator in the Gulf currently expanding in
East Asia
repair in the Gulf focusing on the OSV segment. The company’s Engineering
activities include GMMOS Fabrication, an oil and gas specialized steel
fabricator of pressure vessels and skid modules with operations in the UAE
and
the UAE with a presence in the
information, please visit http://www.gmmosgroup.com. GMMOS is 51 per cent
owned by a Fund managed by
About Abraaj Capital Group: Abraaj Capital is the
private equity group, and invests in the growing
and
has made more than 35 investments in 11 countries and exited 20. Based in
from 27 different nationalities. Funds managed by the Abraaj group have
holdings in some of the region’s most prominent companies, such as Air
Arabia, the region’s largest low-cost carrier; Acibadem Healthcare Group,
Laboratory, the
Abraaj group companies have won several international awards. Private Equity
International magazine named it ‘Middle Eastern Private Equity Firm of the
Year’ four years running. Abraaj Capital Ltd., a member of the Abraaj group,
is licensed by the Dubai Financial Services Authority, which operates
according to international regulatory standards. The group is an associate
member of the European Venture Capital Association and a member of the
Emerging Markets Private Equity Association. For more information please
visit http://www.abraaj.com
About Waha Capital: Waha Capital PJSC is
Securities Exchange-listed diversified investments holding company, which was
created by restructuring Oasis International Leasing Company PJSC in
2008
multi-sector business growth and diversification through acquisitions, joint
ventures and creation of new business. Its current business portfolio
includes big-ticket leasing, financial services, maritime and property
development. Waha Capital’s main institutional shareholders are Mubadala
Development Company and Abu Dhabi Investment Company. In pursuing its vision
and strategy as a diversified investment holding company, Waha Capital aims
to be a world-class organization that will take the lead in implementing best
practices and governance, and to position itself as a partner of choice in
the UAE and
information please visit http://www.wahacapital.ae
For further information, please contact:
Neil Corbasson
Group Vice President-Business Development
GMMOS Group
Email: neil@gmmos.com
Tel: +971-4-880-3637
Fax: +971-4-880-3647
SOURCE GMMOS Group