News - Waha Capital
DUBAI, UAE, January 18 /PRNewswire/ -- Grandweld, a United Arab Emirates-based shipbuilding, ship repair and conversion specialist, has secured a major contract worth US$128 million for the construction of three new Salvage Tugs for Sogeport-GICEP of Algeria.
DUBAI, UAE, December 30 /PRNewswire/ -- UAE based GMMOS Group, backed by Abraaj Capital and Waha Capital, has acquired 100% of the share capital of Minnow Marine Projects Limited (MMPL) through its newly formed Singapore based division Stanford Asia.
DUBAI, UAE, December 20 /PRNewswire/ -- Private equity backed Gulf Marine Maintenance and Offshore Service Company ("GMMOS"), a leading United Arab Emirates based provider of marine services to the offshore oil & gas industry, announced today the acquisition by Stanford Marine, its chartering division, of five offshore support vessels (OSV) as part of Abraaj Capital and Waha Capital's expansion strategy for the business. The acquisitions, comprising two 5150 bhp Anchor Handling Tug Supply vessels, two Anchor Handling Tugs (5150 bhp and 4000 bhp) and one 1300 dwt Platform Supply Vessel, represent the first phase of fleet expansion financed by a $100 Million term loan facility recently raised from a group of local and international relationship banks.
DUBAI, UAE, December 14 /PRNewswire/ -- Abraaj Capital and Waha Capital backed Gulf Marine Maintenance and Offshore Service Company ("GMMOS"), a leading United Arab Emirates based provider of marine services to the offshore oil & gas industry, has secured a US$100 million term loan facility 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 South East Asia markets. 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.