Private equity backed Gulf Marine Maintenance and OffshoreService Company ("GMMOS"), a leading United Arab Emirates based provider ofmarine services to the offshore oil & gas industry, announced today theacquisition by Stanford Marine, its chartering division, of five offshoresupport vessels (OSV) as part of Abraaj Capital and Waha Capital's expansionstrategy for the business.
The acquisitions, comprising two 5150 bhp Anchor Handling TugSupply vessels, two Anchor Handling Tugs (5150 bhp and 4000 bhp) and one1300dwt Platform Supply Vessel, represent the first phase of fleet expansionfinanced by a $100 Million term loan facility recently raised from a groupoflocal and international relationship banks. As at closing date, all thevessels will be employed on long term charters, providing an immediateupliftto group revenue and profitability.
The acquired fleet, with an average age of only 4 years,significantly enhances the Stanford Marine fleet profile and allows it tooffer a more comprehensive asset mix to existing and future customers in theoil and gas and offshore marine sector. Three of the vessels are deployed inSouth East Asia, expanding Stanford Marine's presence into that region. ThePSV vessel will be deployed in the GCC and one AHT will be operating inIndia. With these recent acquisitions, the total fleet size increases to 32vessels operating in the GCC, India and South East Asia.
In addition, GMMOS' Stanford Marine division is in the finalstages of setting up operations in Singapore, complementing its GCCoperations, and plans to expand its geographic presence in 2010 with newregional offices in India and West Africa. The company plans to makeadditional acquisitions in the OSV sector, creating one of the largest OSVfleet owner / operators in the MENASA region.
About GMMOS Group: GMMOS Group is comprised of fourwell-established business divisions centered on two main activities: Marineand Engineering. In Marine, GMMOS activities include Stanford Marine, aprominent Offshore Supply Vessel (OSV) charter operator in the Gulfcurrentlyexpanding in South East Asia and India, and Grandweld, the leader inshipbuilding and ship repair in the Gulf focusing on the OSV segment. Thecompany's Engineering activities include GMMOS Fabrication, an oil and gasspecialized steel fabricator of pressure vessels and skid modules withoperations in the UAE and Kazakhstan; and Gallagher, one of the largestmobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabimarkets.