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FINANCIAL NEWS
Dubai- GMMOS secures $185m loan for expansion
05 May 2010
(MENAFN) Dubai-based Gulf Marine Maintenance and Offshore Service Company (GMMOS) announced that it has secured a $185 million five-year term loan facility, Gulf News reported.
GMMOS said in a statement that the facility will be used to refinance existing debt and fund its growth in the offshore supply vessel (OSV) sector, with a current focus on the GCC and South East Asia and future expansion potential in West and North Africa.
Following the acquisition of MMPL in December 2009, Stanford Marine, the group’s chartering division, has established offices in Singapore to manage and further develop its recently expanded footprint into the South East Asian markets.
Stanford Asia has taken delivery of a 70M PSV (Stanford Kestrel), the first of a series of 10 vessels expected to be delivered during 2010-11, raising the total fleet size to over 40 offshore supply vessels, it said.
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