Dubai-based Stanford Marine, a leading marine business, has completed its newbuild programme and delivery of its 10th high-spec offshore support vessel, resulting in the fleet value increasing by $200 million.

The completion of the programme concludes a strategic growth initiative established by Stanford Marine which has also resulted in a doubling of revenue and EBITDA.

The vessels in the newbuild program which include two deep water 87-metre large platform supply vessels (PSVs), two mid-size 70-metre PSVs, and six mid-size 58-meter PSVs were placed on medium to long-term charters in the Middle East, South East Asia and East Africa, further augmenting the company’s customer base.

The newbuild program, which was initiated in 2010, enables the company to reduce the age of its fleet with the integration of state of the art vessels, enhance its fleet mix with expanded capabilities in deep water services and expand its geographical footprint by establishing operations in East Africa, a statement said.

“We are very pleased to announce these strong financial results for Stanford Marine. With a larger and rejuvenated fleet of 40 vessels in operation, spanning the Middle East to East Africa and South East Asia, Stanford Marine continues to consolidate its position as one of the leading players in the industry,” said Elias Nassif, chief executive officer of Stanford Marine Group.

“We look forward to an exciting year ahead and executing on an ambitious growth plan that will extend our reach into new markets.”

Vincent Weve, general manager, Stanford Marine added: “Stanford Marine has been able to capitalize on the growing demand for high quality and reliable Offshore Support Vessels.  This is reflected in the company’s exponential growth and investments in upgrading our fleet to keep up with the increasing demand for our services.” – TradeArabia News Service