GMMOS Acquires Funds for OSV Sector

Tuesday, December 15, 2009

Abraaj Capital and Waha Capital backed Gulf Marine Maintenance and Offshore Service Company (GMMOS), an United Arab Emirates based provider of marine services to the offshore oil & gas industry, has secured a $100m term loan facility from Standard Chartered Bank, Abu Dhabi Commercial Bank, Credit Suisse and Deutsche Bank to refinance existing debt and fund acquisitions in the offshore supply vessel (OSV) sector, with a focus on the GCC and South East Asia markets.

The acquisitions are expected to lead to a significant increase in Group profitability and asset base, with the Group's current fleet increasing from 28 OSVs to 34 OSVs by the end of 2009. A number of the new vessels to be acquired operate on a term charter basis in South East Asia, supplementing the group's current activities in the GCC and India and further expanding the Group's client base. As a result of the acquisitions, GMMOS Group fleet age is estimated to be well below the average age in the sector.
The acquisitions are consistent with the shareholders' strategy to expand and enhance the GMMOS offshore OSV fleet and chartering capabilities increasing its scale and transforming GMMOS into one of the largest fleet owner operators in the MENASA region.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Offshore

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2387 sec (4 req/sec)