GMMOS secures $185 million 5-year term loan facility
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.
Following the acquisition of MMPL in December 2009, Stanford Marine, the group’s chartering division, has established offices in Singapore to manage and further develop its recently expanded footprint into the South East Asian markets. Stanford Asia Pte Ltd. has taken delivery of a 70M PSV (Stanford Kestrel), the first of a series of 10 vessels expected to be delivered during 2010/2011 growing the total fleet size to over 40 offshore supply vessels. Stanford Asia Ltd’s permanent office at the International Business park at Jurong will be inaugurated at the end of May. The Singapore operation currently has a technical manager, admin manager, two marine superintendents and a crewing coordinator in addition to the CEO for its Asian operations, Robin Reeves. “We see the establishment of our Singapore office as a sign of our commitment to better serve the South East Asia region in general” said Robin Reeves, “With a significantly larger and more sophisticated asset base backed by the Group’s financial strength, Stanford is now actively expanding its footprint into the West and North African markets where we see a strong need for the services of a dedicated OSV owner-operator”.
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.
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