by Hans | May 4th, 2010
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$185 million 5-year term loan facility underwritten by Deutsche Bank and Standard Chartered Bank to refinance existing debt and fund its growth in the offshore supply vessel (OSV) sector, with a current focus on the GCC and South East Asia and future expansion potential in West and North Africa.
GMMOS Group CEO Elias Nassif affirms that further expansions are imminent, given the fact that the majority of the Stanford Marine fleet today is locked in on long term charters. Mr. Nassif envisages expansion into Indonesia, India, Libya and West Africa in particular to capitalize on the expected surge in demand for young, well equipped vessels in those markets. Accordingly, Stanford Marine continues to strengthen its management team to consolidate its leading position in its current markets of operation and expand its relationship networks into the targeted markets.
“GMMOS Group’s Stanford Marine division is well on its way to becoming one of the largest OSV-fleet owner-operators in the Middle East, North Africa and South Asia region, with strong potential for expansion into new markets in North and West Africa”, said Ahmed Badreldin, Executive Director at Abraaj Capital.