GMMOS gets $185m loan to finance expansion
The facility will be used to refinance existing debt and fund its growth in the offshore supply vessel sector
Dubai:Gulf Marine Maintenance and Offshore Service Company (GMMOS), a provider of marine services to the offshore oil and gas industry, has secured a $185 million five-year term loan facility underwritten by Deutsche Bank and Standard Chartered Bank, the firm said yesterday.
The facility will be used to refinance existing debt and fund its growth in the offshore supply vessel (OSV) sector, with a current focus on the GCC and South East Asia and future expansion potential in West and North Africa, the company said in a statement.
Following the acquisition of MMPL in December 2009, Stanford Marine, the group's chartering division, has established offices in Singapore to manage and further develop its recently expanded footprint into the South East Asian markets.
Stanford Asia has taken delivery of a 70M PSV (Stanford Kestrel), the first of a series of 10 vessels expected to be delivered during 2010-11, raising the total fleet size to over 40 offshore supply vessels, it said.
