GMMOS' Stanford Marine Division Acquires Five Contracted Offshore Supply

Published December 21st, 2009 - 09:24 GMT

Private equity 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, announced today the
acquisition by Stanford Marine, its chartering division, of five offshore
support vessels (OSV) as part of Abraaj Capital and Waha Capital's expansion
strategy for the business.


    The acquisitions, comprising two 5150 bhp Anchor Handling Tug
Supply vessels, two Anchor Handling Tugs (5150 bhp and 4000 bhp) and one
dwt Platform Supply Vessel, represent the first phase of fleet expansion
financed by a $100 Million term loan facility recently raised from a group
local and international relationship banks. As at closing date, all the
vessels will be employed on long term charters, providing an immediate
to 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 to
offer a more comprehensive asset mix to existing and future customers in the
oil and gas and offshore marine sector. Three of the vessels are deployed in
South East Asia, expanding Stanford Marine's presence into that region. The
PSV vessel will be deployed in the GCC and one AHT will be operating in
India. With these recent acquisitions, the total fleet size increases to 32
vessels operating in the GCC, India and South East Asia.


    In addition, GMMOS' Stanford Marine division is in the final
stages of setting up operations in Singapore, complementing its GCC
operations, and plans to expand its geographic presence in 2010 with new
regional offices in India and West Africa. The company plans to make
additional acquisitions in the OSV sector, creating one of the largest OSV
fleet owner / operators in the MENASA region.


    About GMMOS Group: GMMOS Group is comprised of four
well-established business divisions centered on two main activities: Marine
and Engineering. In Marine, GMMOS activities include Stanford Marine, a
prominent Offshore Supply Vessel (OSV) charter operator in the Gulf
expanding in South East Asia and India, and Grandweld, the leader in
shipbuilding and ship repair in the Gulf focusing on the OSV segment. The
company's Engineering activities include GMMOS Fabrication, an oil and gas
specialized steel fabricator of pressure vessels and skid modules with
operations in the UAE and Kazakhstan; and Gallagher, one of the largest
mobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabi

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