GMMOS secures $100m loan for OSV acquistion
Dubai, December 14, 2009
UAE-based Gulf Marine Maintenance and Offshore Service Company (GMMOS) said it has secured a $100 million term loan facility to refinance existing debt and fund acquisitions in the offshore supply vessel (OSV) sector.
The loan facility is being arranged by Standard Chartered Bank, Abu DhabiCommercial Bank, Credit Suisse and Deutsche Bank, said a statement from GMMOS, a leading provider of marine services to offshore oil and gas industry.
GMMOS, which is jointly owned by Abraaj Capital and Waha Capital, said the acquisitions will result in a significant jump in group profitability and asset base, with the current fleet strength increasing from 28 to 34 OSVs by the end of the year.
The company aims to focus on the GCC and South East Asia markets. A number of the new vessels to be acquired operate on a term charter basis in South East Asia, supplementing the group's current activities in the GCC and India and further expanding its client base.
The acquisitions are consistent with the shareholders' strategy to expand and enhance the GMMOS offshore OSV fleet and chartering capabilities, the statement added.-TradeArabia News Service