Gulf Marine secures $185m loan deal

18 August 2010

UAE marine services firm borrows $185m

Gulf Marine Maintenance and Offshore Service Company (GMMOS) has secured a $185m syndicated loan to refinance existing debt and the fund the expansion of the company.

The deal was arranged by Germany’s Deutsche Bank and the UK’s Standard Chartered and other banks funding the deal include Abu Dhabi Commercial Bank, DBS Bank, Mubadala GE Capital and Al-Khaliji Commercial Bank. The deal has a tenor of five years.

Standard Chartered and Deutsche Bank were appointed to arrange the deal in May. At that point they provided the funding and begun the syndication process. The deal closed on 16 August.

GMMOS is owned by the UAE’s Waha Capital and Abraaj Capital. The company provides marine services in the offshore oil and gas industry.

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