Dubai’s GMMOS issues $60m bonds

13 Nov 2010

(MENAFN) Gulf Marine Maintenance and Offshore Service Company (GMMOS), a leading UAE-based provider of marine services to the offshore oil & gas industry, has issued a $60 million convertible loan to fund further expansion of its offshore marine business Stanford Marine.

GMMOS is the parent company of offshore support fleet (OSV) provider, Stanford Marine, and Dubai based shipbuilding and repair company, Grandweld.

The loan has a tenor of 4 years with an initial coupon of 6 per cent pa fully convertible to equity at a valuation commensurate with the group’s future growth prospects.

Based in Dubai, GMMOS Group is supported by an Abraaj managed fund and Waha Capital.

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