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Waha Capital News

06 Aug 2018

Stanford Marine in Talks About Sale of Business

Creditors of Stanford Marine Group (SMG), which has links to troubled private equity firm Abraaj, are in talks with three potential buyers, sources familiar with the matter say.Banks are overseeing control of Dubai-based SMG after it failed to meet the terms of its debt obligations due to financial stress linked to a steep fall in chartering rates, the sources said.SMG, which operates offshore supply vessels that service the oil and gas industry, is 51 percent owned by a fund managed by Abraaj. Dubai-based Abraaj filed for provisional liquidation in June after a row with investors over the use of their money in a $1 billion healthcare fund.

23 Jul 2013

Grandweld To Build Crane Barges for KOC

Photo: Grandweld

A steel cutting ceremony to signify the commencement of the construction of the first of four new class Crane/Workboats for Kuwait Oil Company (KOC) was held at Grandweld Shipyards in Dubai, United Arab Emirates on July 18, 2013. The contract was signed in February 2013, to design and build a series of four heavy-duty Crane / Workboat class vessels for Kuwait Oil Company. The ceremony was attended by KOC senior management team led by Mr. Hasan Al Bairami, Manager- Marine Operations. Grandweld’s Crane/Workboats are designed to meet the specific needs of KOC.

13 Sep 2011

LNG as Alternative Fuel on Workboats Conference Agenda

Andrew Brown, Business Development Director, Lamnalco Group

Leading maritime services experts to debate key technical, environmental, health and safety issues of adopting LNG marine fuel at Middle East Workboats 2011. The future of LNG as a viable and sustainable alternative marine fuel for working vessels is one of the most eagerly-anticipated sessions taking place at Middle East Workboats 2011, the definitive event for workboat operators, builders and equipment suppliers. Taking place from 3-5 October, 2011 at Abu Dhabi National Exhibition Centre…

21 Jan 2010

Grandweld Wins Contract for Salvage Tugs

Grandweld, a United Arab Emirates-based shipbuilding, ship repair and conversion specialist, has secured a major contract worth $128m for the construction of three new Salvage Tugs for Sogeport-GICEP of Algeria. Grandweld is a division of GMMOS Group, a provider of marine services to the offshore oil & gas industry backed by Abraaj Capital and Waha Capital. "This contract for three 58m Salvage Tugs is yet another achievement for Grandweld and has helped us maintain a strong and healthy order book into 2012,"said Jamal Abki, General Manager of Grandweld. Contracts have been signed with the ports of Algiers, Arzew and Skikda for the three vessels intended for sea search-and-rescue operations in co-operation with the Algerian Coast Guard.

30 Dec 2009

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…

15 Dec 2009

GMMOS Acquires Funds for OSV Sector

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.