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28 March 2024

GMMOS obtains Dh679m credit facility

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By Staff

Gulf Marine Maintenance and Offshore Service Company (GMMOS), a UAE-based provider of marine services to the offshore oil & gas industry, has signed a Dh679 million ($185m) credit facility with six financial institutions.

The banks include Deutsche Bank (London Branch), Standard Chartered Bank, Abu Dhabi Commercial Bank, DBS Bank, Mubadala GE Capital and Al Khalij Commercial Bank, the company said in a statement on Wednesday.

GMMOS is owned by Abraaj Capital and Waha Capital.

The proceeds of the $185 million term loan facility refinance existing debt and will fund the group’s 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. Standard Chartered and Dutsche Bank were mandated as book-runners and IMLAs for this transaction, and had fully prefunded the deal in early May.

ADCB, DBS and MGE then joined the deal as MLAs. Al Khaliji joined as a Lead Arranger. The Facility has a tenor of five years with an average life of 3.3 years.

Joint bookrunners DB and SCB successfully closed syndication of the facility on August 16, 2010.