Grandweld To Build Crane Barges for KOC
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.
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.
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…
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.
ART Marine Appoints Constantinou CEO
ART Marine, an Abraaj Capital portfolio company and the Middle East's largest importer and distributor of luxury motor-yachts, announced the appointment of a highly experienced CEO from the United States to drive its expansion in the region as demand for pleasure craft begins to recover. Demonstrating the Gulf's continued ability to attract some of the world's most talented professionals, Constantinos Constantinou joins Dubai-based ART Marine from Cobalt Yachts in Tenn., where he served as President. Constantinou began his career in Cyprus with Cobra Marine Services.
