Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has signed an agreement with Zakher Marine International Inc. to arrange a $420 million (Dh1.55 billion) financing for its new shipbuilding program including 15 vessels and 3 self-elevating accommodation barges.
The financing is arranged, QMS Holding Ltd, one of the group companies belonging to Zakher Marine.
ADIB was the sole bookrunner and initial mandated lead arranger. The deal was two times oversubscribed by banks including Abu Dhabi Commercial Bank (ADCB), Al-Hilal Bank, MashreqBank, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank.
Abu Dhabi bases Zakher Marine provides services to the offshore oil and gas industries and offshore marine construction companies and currently owns and operates over 35 offshore support vessels in addition to managing and operating 10 vessels including providing accommodation barges support services.
“The facility structure was carefully designed to meet Zakher’s financing needs and has received significant interest by the regional banking market. We are stepping up our corporate financing activity, with a particular focus on growing companies like Zakher Marine that are playing a positive role in the UAE’s economic development,” said Arif Usmani, Global Head of Wholesale Banking at ADIB.
ADIB established a Specialized Financing Unit in 2013 to focus on structured shipping, marine and other asset finance classes. In the last 2 years, ADIB through its specialised finance unit, has structured and arranged various syndicated facilities for shipping / offshore clients across various sectors ranging from tankers to offshore supply and specialist subsea construction vessels. Other landmark marine transactions include GMS, NPCC, Maridive and Akron.
“The facility is well structured to meet the company’s future business requirements while being flexible at the same time to allow the company to remain competitive during its upcoming growth period. The financing that we were seeking was well supported by the banks we approached,” Ramzi Al-Sewaidi, Manager of Strategic Projects at Zakher.
