GMMOS' Stanford Marine Division Acquires 5 Offshore Supply Vessels
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 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.