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NPCC gets USD110m loan

10 Apr 2011

(MENAFN) Abu Dhabi-based National Petroleum Construction Company (NPCC) reported securing a loan amounting to USD110 million that the company would use for developing a vessel for offshore oil operations, reported The National.

The company said that the loan was provided by a commercial bank which would pay all costs over the duration of the project, which is two year. NPCC would then lease-to-own the vessel over five years.

NPCC said that the new vessel would be used for laying offshore pipelines and installing offshore modules and marine structures. The vessel would be able to put up with weights up to 4,200 tons.

It is worth noting that NPCC is thirty percent owned by Consolidated Contractors Group, while the remaining stake of seventy percent is owned by the government.

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