GMMOS Stanford Marine Acquires MMPL
UAE based GMMOS Group, backed by Abraaj Capital and Waha Capital, has acquired 100% of the share capital of Minnow Marine Projects Limited (MMPL) through its newly formed Singapore based division Stanford Asia. MMPL founder and CEO Robin Reeves will remain actively involved in the further development of the combined group as head of Stanford Asia. According to Elias Nassif, CEO of GMMOS Group, Stanford plans to make additional acquisitions in the OSV sector while expanding its geographic presence in 2010 with new regional offices in India and West Africa.
MMPL's fleet of offshore support vessels (OSV) comprising four Platform Supply Vessels (PSV) and six Multirole Utility Vessels (MUV) valued in excess of $200m, when delivered, will complement Stanford's diversified fleet of 33 vessels including AHTSs, FSVs, Utility Vessels and Crewboats operating largely on term charters across the GCC and South East Asia. PSVs run cargo and general supplies to mobile rig units and fixed offshore installations. MUVs are small PSVs which can be fitted with extra equipment in order to be used in a variety of roles. The acquired fleet 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. With this recent acquisition, the total fleet size (including vessels to be delivered) increases to 43 vessels.
"The recently completed acquisitions and projects currently in the pipeline will help make GMMOS Group's Stanford Marine division one of the largest OSV-fleet owner-operators fleet in the Middle East, North Africa and South Asia (MENASA) region, meeting the needs of the vital oil and gas industry and creating value for its shareholders," said Ahmed Badreldin, Executive Director at Abraaj Capital.