Gulf Marine Services eyeing Dh1.32 billion loan
GMS loan being arranged by consortium led by ADIB
Abu Dhabi: Gulf Marine Services (GMS), 80 per cent owned by Abu Dhabi-based private equity firm Gulf Capital, is close to securing a Dh1.32 billion Islamic loan from a consortium led by the Abu Dhabi Islamic Bank (ADIB), it was announced here yesterday.
“The tenor of the loan is going to be five years. The funds will be used to finance the construction and acquisition of new vessels, retiring all old debts of Gulf Marine Services and for dividend distribution to its shareholders,” Dr. Karim Al Solh, chief executive Officer of Gulf Capital told Gulf News by telephone.
GMS is the largest operator and owner of jack-up barges in the Middle East. The company was established in 1977. Besides having operations across the GCC, GMS also operates in the UK and the Southern North Sea in offshore oil and gas and wind sectors. GMS was acquired by Gulf Capital in 2007.
“During our ownership, GMS profits have grown by more than seven-fold,” said Al Solh in a statement, adding their long-term goal is to seek a global listing for GMS.
