GMMOS Group’s Stanford Marine Division Acquires Offshore Marine Company MMPL
Abraaj Capital and Waha Capital, has acquired 100% of the share capital of
Minnow Marine Projects Limited (MMPL) through its newly formed
based division Stanford Asia. MMPL founder and CEO
actively involved in the further development of the combined group as head of
Stanford Asia. According to
to make additional acquisitions in the OSV sector while expanding its
geographic presence in 2010 with new regional offices in
Africa
MMPL’s fleet of offshore support vessels (OSV) comprising 4 Platform
Supply Vessels (PSV) and 6 Multirole Utility Vessels (MUV) valued in excess
of
vessels including AHTSs, FSVs, Utility Vessels and Crewboats operating
largely on term charters across the GCC and
and general supplies to mobile rig units and fixed offshore installations.
MUVs are small PSVs which can be fitted with extra equipment in order to be
used in a variety of roles. The acquired fleet significantly enhances the
Stanford Marine fleet profile and allows it to offer a more comprehensive
asset mix to existing and future customers in the oil and gas and offshore
marine sector. With this recent acquisition, the total fleet size (including
vessels to be delivered) increases to 43 vessels.
“The recently completed acquisitions and projects currently in the
pipeline will help make GMMOS Group’s Stanford Marine division one of the
largest OSV-fleet owner-operators fleet in the
industry and creating value for its shareholders,” said
Executive Director at Abraaj Capital.
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 Stanford Marine, a prominent Offshore
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
cent owned by a Fund managed by
by
http://www.gmmosgroup.com
About MMPL: MMPL’s activities comprise investing in newbuild offshore
support vessels and their designs, owning and providing to end users such
vessels and providing brokering services to the offshore support sector. MMPL
focuses on Platform Supply Vessels (PSV) and Multirole Utility Vessels (MUV)
serving the offshore oil & gas sector. MMPL’s strategy is to capitalize on
its management’s 45 plus year knowledge and experience in the offshore
industry, its relationships with Chinese shipyards, the high and growing
demand for offshore supply vessels, its relationships with end users and its
ability to provide tonnage and services. Excluded from the transaction are
MMPL’s share interest in the Compact Semi Sub (CSS) project and the
specialist 87M Inspection Maintenance and Repair (IMR) vessel. For additional
information, please visit http://www.minnowmarine.com
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
SOURCE GMMOS Group
