STANDARD CHARTERED SIGNS US$ 30 MILLION LOAN AGREEMENT WITH TOPAZ

Published April 16th, 2006 - 06:38 GMT

Standard Chartered Bank (SCB) announced today that it had concluded structuring a long term loan facility of USD 30 million for Topaz Energy and Marine Ltd, the Dubai-based oil & gas services’ company. The funding facility, will be utilised to finance the construction of a 60 metre, 7,500 BHP anchor handling vessel. The ship which is expected to join the fleet’s Caspian operations in 2007 will be made by a team of specialist builders at a shipyard in Singapore.

“SCB’s favourable loan conditions and competitive pricing provided Topaz with the opportunity to finance the latest addition to their fleet and we are pleased to have concluded this transaction in record time said, Lisa Rumelin, Director of Structured Trade Finance for SCB in the Middle East.

Anjan Mitra, CEO of Topaz Energy and Marine, Ltd. commented, “Our recent expansion into the Caspian through the strategic acquisition of BUE Marine provided SCB with the opportunity to assist us with our latest capital investment plans in this region. We are extremely pleased with the bank’s continued support as we seek new avenues of growth in the Caspian.
Bollard pull, station keeping and winch capacities are important in today's anchor handling market, however due to the extreme winter weather conditions in the Caspian, Topaz’s vastly experienced engineers will be working closely with the shipbuilders to ensure that exacting specifications are met to ensure the safety of the crew and the operation.
Topaz subsidiary, Nico International recently announced that it would open a new ship repair facility in Bautino, Kazakhstan later this year, after completing a feasibility study and conducting an in-depth market assessment of the Caspian region. This high specification offshore support vessel, specifically designed for operation in the Caspian will enable Topaz to further expand their market reach and core capabilities in the growing offshore oil & gas market.

Topaz Energy and Marine is one of the leading Dubai based oil & gas services companies.

 


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