Deutsche Bank and Standard Chartered have joined hands with a few regional financial groups to arrange a $185 million credit facility for UAE-based Gulf Marine Maintenance and Offshore Service Company (GMMOS).

A leading provider of marine services to the offshore oil and gas industry, GMMOS is jointly owned by Abraaj Capital, a top private equity group in Mena and South Asia region and Waha Capital, an Abu Dhabi-based diversified investments holding firm.

GMMOS said Deutsche Bank London Branch and Standard Chartered were mandated as bookrunners and initial mandated lead arrangers (IMLAs) for the transaction, and had fully prefunded the deal in early May.

Abu Dhabi Commercial Bank (ADCB), DBS Bank, Mubadala GE Capital and Al Khalij Commercial Bank (Al Khaliji) then joined the deal as mandated lead arrangers. Al Khaliji joined as a lead arranger, the company said in a statement.

The $185 million facility, which has a tenor of five years with an average life of 3.3 years, is aimed at funding the group’s growth plans mainly in the offshore supply vessel (OSV) sector with focus on the GCC and South East Asia and future expansion potential in West and North Africa, it added.

The joint bookrunners, Deutsche Bank and Standard Chartered successfully closed syndication of the facility on August 16, the company said.-TradeArabia News Service