Topaz raises $42m to support its modernisation programme
Firm's total financing raised from various banks hits $150m this year
Dubai: Topaz Energy and Marine on Monday said it has raised $42 million (Dh154.15 million) from Standard Chartered Bank, Dubai, in support of its fleet expansion plans, taking its total financing raised in 2009 to $150 million.
The lion's share of the $150 million has been deployed to support its fleet expansion and modernisation programme.
Although financing available for the shipping sector as a whole is scarce, the OSV space that Topaz occupies is a relative bright spot for banks.
The profile of the banks financing Topaz is diverse and covers leading regional commercial and Islamic banks, specialised international shipping banks and global institutions.
Diverse capabilities
Topaz operates more than 100 modern and high-spec vessels with diverse capabilities such as anchor handling tug supply vessels, platform supply vessels, flotels, icebreakers, crew boats, cable layers, survey vessels and specialised barges.
Topaz chief financial officer Pramod Balakrishnan commented on Topaz's success in securing financing: "Topaz has a strong balance sheet and comfortably meets its bank covenants which makes financing us a compelling case for the banks. The long visibility and consistent cash flows generated enable our bankers to sleep soundly."
Russell Beardmore, Director of Structured Finance for Standard Chartered, said: "We are delighted to have worked with Topaz to put this loan facility into place. The bank established the Shipping Finance division in the Middle East in 2008."
