MEDIA RELEASE PR37697
GMMOS Group's Stanford Marine Division Acquires Offshore Marine Company MMPL
DUBAI, Dec. 30 /PRNewswire-AsiaNet/ --
UAE based GMMOS Group, backed by Abraaj Capital and Waha
Capital, has acquired 100% of the share capital of Minnow Marine Projects
Limited (MMPL) through its newly formed Singapore based division Stanford
Asia. MMPL founder and CEO Robin Reeves will remain actively involved in the
further development of the combined group as head of Stanford Asia. According
to Elias Nassif, CEO of GMMOS Group, Stanford plans to make additional
acquisitions in the OSV sector while expanding its geographic presence in
2010 with new regional offices in India and West Africa.
MMPL's fleet of offshore support vessels (OSV) comprising 4
Platform Supply Vessels (PSV) and 6 Multirole Utility Vessels (MUV) valued in
excess of $200m, when delivered, will complement Stanford's diversified fleet
of 33 vessels including AHTSs, FSVs, Utility Vessels and Crewboats operating
largely on term charters across the GCC and South East Asia. PSVs run cargo
and general supplies to mobile rig units and fixed offshore installations.
MUVs are small PSVs which can be fitted with extra equipment in order to be
used in a variety of roles. The acquired fleet significantly enhances the
Stanford Marine fleet profile and allows it to offer a more comprehensive
asset mix to existing and future customers in the oil and gas and offshore
marine sector. With this recent acquisition, the total fleet size (including
vessels to be delivered) increases to 43 vessels.
"The recently completed acquisitions and projects currently in the
pipeline will help make GMMOS Group's Stanford Marine division one of the
largest OSV-fleet owner-operators fleet in the Middle East, North Africa and
South Asia (MENASA) region, meeting the needs of the vital oil and gas
industry and creating value for its shareholders" said Ahmed Badreldin,
Executive Director at Abraaj Capital.
About GMMOS Group: GMMOS Group is comprised of four
well-established business divisions centered on two main activities: Marine
and Engineering. In Marine, GMMOS activities include Stanford Marine, a
prominent Offshore Supply Vessel (OSV) charter operator in the Gulf currently
expanding in South East Asia and India, and Grandweld, the leader in
shipbuilding and ship repair in the Gulf focusing on the OSV segment. The
company's Engineering activities include GMMOS Fabrication, an oil and gas
specialized steel fabricator of pressure vessels and skid modules with
operations in the UAE and Kazakhstan; and Gallagher, one of the largest
mobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabi
markets. GMMOS is 51 per cent owned by a Fund managed by Dubai-based Abraaj
Capital and the remainder by Abu Dhabi-listed Waha Capital. For additional
About MMPL: MMPL's activities comprise investing in newbuild offshore
support vessels and their designs, owning and providing to end users such
vessels and providing brokering services to the offshore support sector. MMPL
focuses on Platform Supply Vessels (PSV) and Multirole Utility Vessels (MUV)
serving the offshore oil & gas sector. MMPL's strategy is to capitalize on
its management's 45 plus year knowledge and experience in the offshore
industry, its relationships with Chinese shipyards, the high and growing
demand for offshore supply vessels, its relationships with end users and its
ability to provide tonnage and services. Excluded from the transaction are
MMPL's share interest in the Compact Semi Sub (CSS) project and the
specialist 87M Inspection Maintenance and Repair (IMR) vessel. For additional
About Abraaj Capital Group: Abraaj Capital is the Middle
East's largest private equity group, and invests in the growing Middle East,
North Africa and South Asia (MENASA) region. Since inception in 2002, it has
raised about US$ 7 billion and distributed almost US$ 3 billion to investors.
The group has made more than 35 investments in 11 countries and exited 20.
Based in Dubai, the group operates offices in five countries, including Saudi
Arabia, Egypt and Turkey. More than 150 world-class professionals work for
the group from 27 different nationalities. Funds managed by the Abraaj group
have holdings in some of the region's most prominent companies, such as Air
Arabia, the region's largest low-cost carrier; Acibadem Healthcare Group,
Turkey's biggest privately owned operator of premium hospitals; and Al Borg
Laboratory, the Middle East's biggest medical laboratory-testing company. The
Abraaj group companies have won several international awards. Private Equity
International magazine named it 'Middle Eastern Private Equity Firm of the
Year' four years running. Abraaj Capital Ltd., a member of the Abraaj group,
is licensed by the Dubai Financial Services Authority, which operates
according to international regulatory standards. The group is an associate
member of the European Venture Capital Association and a member of the
Emerging Markets Private Equity Association. For more information please
About Waha Capital: Waha Capital PJSC is Abu Dhabi-based and
Abu Dhabi Securities Exchange-listed diversified investments holding company,
which was created by restructuring Oasis International Leasing Company PJSC
in February 2008. Waha Capital has adopted a clear vision and strategy to
drive multi-sector business growth and diversification through acquisitions,
joint ventures and creation of new business. Its current business portfolio
includes big-ticket leasing, financial services, maritime and property
development. Waha Capital's main institutional shareholders are Mubadala
Development Company and Abu Dhabi Investment Company. In pursuing its vision
and strategy as a diversified investment holding company, Waha Capital aims
to be a world-class organization that will take the lead in implementing best
practices and governance, and to position itself as a partner of choice in
the UAE and Middle East for regional and global businesses. For more
information please visit http://www.wahacapital.ae
For further information, please contact:
Neil Corbasson
Group Vice President-Business Development
GMMOS Group
Email: neil@gmmos.com
Tel: +971-4-880-3637
SOURCE: GMMOS Group
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