NPCC wins $100m funding for new vessel
Abu Dhabi, February 10, 2013
The National Bank of Abu Dhabi (NBAD) has signed a deal with UAE-based National Petroleum Construction Company (NPCC) to provide the company a $100 million financing for the construction of a new vessel.
NPCC is owned by the General Holding Corporation (GHC), which holds a 70 per cent stake in the company, while the Consolidated Contractors Group has the remaining 30 per cent.
Since 1973, NPCC’s dynamic growth, its past achievements and new facilities have transformed this national company into a major international Engineering, Procurement and Construction (EPC) contractor catering to the offshore and onshore oil & gas industry in the UAE, Gulf and India.
Waha Capital, the diversified holding company, played a key role in the transaction by providing financial advice to NPCC.
The proposed structure is on two-plus-five basis to fully finance a new Jack up Vessel (SEP 550) for the UAE firm. As per the deal, the bank will fund the entire cost of the construction for two years and will enter into a five-years bilateral finance with NPCC.
The agreement was signed at NBAD office by Aqeel A. Madhi, the chief executive officer of NPCC and Mark Yassin, the senior general manager, Global Banking at NBAD
“This latest transaction will go a long way in furthering the long standing relationship between NBAD and NPCC,” said Yassin. “Abu Dhabi continues to invest in developing world class infrastructure and NBAD, as the premier bank of the UAE, is committed to promoting economic activity in the UAE and to provide all possible support and assistance to the economic development of the UAE,” he added.
According to NPCC, the vessel (weighing up to 150 tons) will be used for the installation and maintenance activities in oil and gas fields and for laying offshore pipelines. The vessel is under construction and will be delivered next year.
Madhi lauded the efforts of NBAD and its constructive co-operation in providing the financing facilities to build a new barge joining the company fleet as part of NPCC strategic plans for geographical expansion in the offshore industry.
“We are keen to explore this avenue further in future opportunities of this nature,” he added.-TradeArabia News Service
More Industry, Logistics & Shipping Stories
- Qatar sets up mixed business incubator
- Non-oil sectors ‘biggest contributors to UAE economy’
- Alba educates customers on best practices
- Spinneys to set up distribution centre at Kizad
- Maritime courses draw more trainees
- Dow to showcase at Dubai coatings expo
- UAE aluminium sector backs Syria refugees
- Asry in big vessel repair milestone
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo