Halul Offshore secures $60m in ship financing
Doha, March 14, 2012
Halul Offshore Services Company, a wholly owned subsidiary of Milaha (previously known as Qatar Navigation), has secured an eight-year $60 million ship financing facility with Sumitomo Mitsui Banking Corporation (SMBC).
Proceeds from the facility will be utilized by Halul to fund its ambitious expansion plans, said a statement.
The financing was arranged by Milaha Capital, another wholly-owned Milaha subsidiary which provides corporate finance advisory services to the group as part of its mandate. SMBC is acting as the mandated lead arranger, facility agent, security agent and as hedging bank as well, it said.
The financing agreement was signed by Sheikh Ali bin Jassim bin Mohammad Al-Thani, chairman and managing director of Milaha and Phillippe Devos, chief officer of SMBC Doha QFC Office.
Halul Offshore’s expansion strategy aims at improving the technical capabilities of its fleet and also expanding the fleet size to selectively expand its geographical presence, said the statement.
In-line with its expansion strategy, Halul has strong capital expenditure plans for the coming years. The growth plans include acquiring several new vessels including diving support vessels, anchor handling tugs, construction vessels and well-head maintenance/wireline support vessels. Halul acquired two vessels in 2010 and three in 2011 and early 2012. It is looking to add two more vessels to its fleet in 2012. – TradeArabia News Service