DUBAI, UAE, December 20 /PRNewswire/ -- Private equity backed Gulf Marine Maintenance and Offshore Service Company (GMMOS), a leading United Arab Emirates based provider of marine services to the offshore oil gas industry, announced today the acquisition by Stanford Marine, its chartering division, of five offshore support vessels (OSV) as part of Abraaj Capital and Waha Capital's expansion strategy for the business.
The acquisitions, comprising two 5150 bhp Anchor Handling Tug Supply vessels, two Anchor Handling Tugs (5150 bhp and 4000 bhp) and one 1300 dwt Platform Supply Vessel, represent the first phase of fleet expansion financed by a $100 Million term loan facility recently raised from a group of local and international relationship banks. As at closing date, all the vessels will be employed on long term charters, providing an immediate uplift to group revenue and profitability.
The acquired fleet, with an average age of only 4 years, significantly enhances the Stanford Marine fleet profile and allows it to offer a more comprehensive asset mix to existing and future customers in the oil and gas and offshore marine sector. Three of the vessels are deployed in South East Asia, expanding Stanford Marine's presence into that region. The PSV vessel will be deployed in the GCC and one AHT will be operating in India. With these recent acquisitions, the total fleet size increases to 32 vessels operating in the GCC, India and South East Asia.
In addition, GMMOS' Stanford Marine division is in the final stages of setting up operations in Singapore, complementing its GCC operations, and plans to expand its geographic presence in 2010 with new regional offices in India and West Africa. The company plans to make additional acquisitions in the OSV sector, creating one of the largest OSV fleet owner / operators in the MENASA region.
About GMMOS Group: GMMOS Group is comprised of four well-established business divisions centered on two main activities: Marine and Engineering. In Marine, GMMOS activities include Stanford Marine, a prominent Offshore Supply Vessel (OSV) charter operator in the Gulf currently expanding in South East Asia and India, and Grandweld, the leader in shipbuilding and ship repair in the Gulf focusing on the OSV segment. The company's Engineering activities include GMMOS Fabrication, an oil and gas specialized steel fabricator of pressure vessels and skid modules with operations in the UAE and Kazakhstan; and Gallagher, one of the largest mobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabi markets. For additional information, please visit http://www.gmmosgroup.com. GMMOS is 51 per cent owned by a Fund managed by Dubai-based Abraaj Capital and the remainder by Abu Dhabi-listed Waha Capital.
About Abraaj Capital Group: Abraaj Capital is the Middle East's largest private equity group, and invests in the growing Middle East, North Africa and South Asia (MENASA) region. Since inception in 2002, it has raised about US$ 7 billion and distributed almost US$ 3 billion to investors. The group has made more than 35 investments in 11 countries and exited 20. Based in Dubai, the group operates offices in five countries, including Saudi Arabia, Egypt and Turkey. More than 150 world-class professionals work for the group from 27 different nationalities. Funds managed by the Abraaj group have holdings in some of the region's most prominent companies, such as Air Arabia, the region's largest low-cost carrier; Acibadem Healthcare Group, Turkey's biggest privately owned operator of premium hospitals; and Al Borg Laboratory, the Middle East's biggest medical laboratory-testing company. The Abraaj group companies have won several international awards. Private Equity International magazine named it 'Middle Eastern Private Equity Firm of the Year' four years running. Abraaj Capital Ltd., a member of the Abraaj group, is licensed by the Dubai Financial Services Authority, which operates according to international regulatory standards. The group is an associate member of the European Venture Capital Association and a member of the Emerging Markets Private Equity Association. For more information please visit http://www.abraaj.com
About Waha Capital: Waha Capital PJSC is Abu Dhabi-based and Abu Dhabi Securities Exchange-listed diversified investments holding company, which was created by restructuring Oasis International Leasing Company PJSC in February 2008. Waha Capital has adopted a clear vision and strategy to drive multi-sector business growth and diversification through acquisitions, joint ventures and creation of new business. Its current business portfolio includes big-ticket leasing, financial services, maritime and property development. Waha Capital's main institutional shareholders are Mubadala Development Company and Abu Dhabi Investment Company. In pursuing its vision and strategy as a diversified investment holding company, Waha Capital aims to be a world-class organization that will take the lead in implementing best practices and governance, and to position itself as a partner of choice in the UAE and Middle East for regional and global businesses. For more information please visit http://www.wahacapital.ae
For further information, please contact: Neil Corbasson Group Vice President-Business Development GMMOS Group Email: firstname.lastname@example.org Tel: +971-4-880-3637 Fax: +971-4-880-3647
SOURCE: GMMOS Group
CONTACT: For further information, please contact: Neil Corbasson, GroupVice President-Business, Development, GMMOS Group, Email: email@example.com,Tel: +971-4-880-3637, Fax: +971-4-880-3647