GCC Energy Fund Takes 33 Percent Equity Stake in Gulmar Offshore
The GCC Energy Fund, the region’s leading private equity fund for the energy sector, today announced that it has acquired a 33 percent equity stake in The Gulmar Offshore Group, based in Sharjah.
Executives from the Fund hope that the direct investment in the group, which specializes in subsea services, engineering, pipeline maintenance and underwater technology, will help capitalize on the ongoing rise in demand for support services in the offshore energy business as well as providing the company with essential funds for expansion.
“One of the core objectives of the Fund is to realize value at every stage of the supply chain of the energy sector and Gulmar represents an excellent example of a regional company which has realized major successes on the service side of the industry,” said Adil Toubia, Chief Executive Officer, The GCC Energy Fund.
“We recognize the ongoing opportunities for strong companies like Gulmar in this market and are confident that our investment will provide them with the resources needed to expand globally,” he added.
Gulmar Offshore has been in operation for nine years and has experienced significant growth in recent years, both locally and internationally.
With revenue having grown by over 330 percent over the last three years, the company has benefited significantly from the rise in offshore exploration and development in territories as diverse as the Middle East, Iran, the Gulf of Mexico and South East Asia.
Jean Michel Tissier, Chairman of The Gulmar Offshore Group, explained the benefits of the investment: “This investment provides us with the capital we need to expand our specialized fleet for offshore and sub-sea activities, enabling us to increase the geographic expansion of our business.”
“Our partnership goes beyond capital. The Fund has strong value assets in terms of strategic thinking and an embedded knowledge of the energy sector which we consider invaluable to us,” he added.
“We welcome this hugely positive partnership with The GCC Energy Fund and look forward to working with them,” concluded Tissier.
Under the terms of the deal, The GCC Energy Fund will have representation through two seats on the board of the company.
The announcement of the deal comes during a busy period of investment by the Fund. Less than two weeks ago it was disclosed that it had led a consortium of investors in acquiring a controlling interest in Oman’s Dhofar Power Company (DPC).
The GCC Energy Fund, launched in 2005, is the first private equity fund focused on investments in companies and projects in the energy sector in the Middle East.
“We recognize the extent of the opportunities within the region’s energy sector at every step of the discovery, development and delivery process, and will continue to invest responsibly in companies that we feel we can help achieve their full potential,” concluded Toubia.
Photo caption: Adil Toubia, Chief Executive Officer, The GCC Energy Fund, and Jean Michel Tissier, Chairman of The Gulmar Offshore Group.
About The GCC Energy Fund
The GCC Energy Fund is a private equity fund focused on the energy sector in the Middle East. The Fund is sponsored by Gulf International Bank (GIB) and Standard Bank and co-sponsored by Emirates National Oil Company (ENOC).
As a pioneering initiative, the Fund offers regional and international investors a unique opportunity to invest in the world’s most important energy market, through a well-diversified energy portfolio under the management of a professional team based in Dubai.
The Fund has positioned itself as the partner of choice for local and international energy players as they respond to the strategic opportunities and financial demands arising from the ongoing restructuring, privatisation and development initiatives taking place within the region.