Stanford Marine Group (SMG), one of the leading offshore services companies in the Middle East, has made significant progress in its revitalised growth plans following the completion of the AED1.13 billion ($308 million) debt buyout by Shuaa Capital earlier this year.
Representing the first key milestones on its path to growth, the company has secured new bank financing of $45 million from National Bank of Fujairah (NBF), as well as appointed a new Board of Directors who bring significant expertise to help guide its growth.
The NBF financing is structured as a bilateral facility for a period of approximately five years. The financing will be used to support SMG’s expansion opportunities arising in the offshore support vessel sector as well as to optimise SMG’s capital structure. The new financing reflects both the strength of SMG’s relationship with NBF and the bank’s confidence in SMG’s prospects and management’s ability to execute on these – underpinned by NBF’s in-depth knowledge in the offshore support vessel sector, which is one of the bank’s focus areas.
Vince Cook, CEO of National Bank of Fujairah, said: “As the lender of choice in the marine and offshore support vessel sector, NBF has been associated with SMG for over 20 years. We understand SMG’s business model and recognise the company’s potential to support the UAE’s ambitions to become a shipping hub in the region. This transaction is a testament to the strong relationship we have with both SMG and Shuaa and aligns with our strong focus on the shipping and offshore support vessel sector. We will continue to extend our sector expertise, beyond financing requirements, to support SMG’s ambitious growth plans as well as support the wider economic recovery efforts across the UAE.”
Source: Trade Arabia