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UAE-based asset management and investment banking firm Shuaa Capital has secured a financial boost for its marine offshore support vessel (OSV) segment. The Shuaa-managed fund has clinched a seven-year finance facility of up to $300m from National Bank of Fujairah (NBF) and The Arab Energy Fund (TAEF), formerly known as Apicorp, to support the growth of Stanford Marine and Allianz Marine and Logistics Services, acquired in 2020 and 2022, respectively. Shuaa said the deal, one of the largest secured overnight funding rate (SOFR)-based facilities for the OSV sector in the Middle East, should be completed in the coming days and further integrate the two units, which together control the largest offshore supply vessel fleet in the region and the fourth largest in the world by number of vessels. Wafik Ben Mansour, CEO of Shuaa Capital, said: “Stanford and Allianz are leaders in their market, with a significant track record of profitable growth and value creation. We look forward to working with management and all stakeholders to further develop Stanford and Allianz businesses and contribute to the long-term growth of the offshore oil and gas industry in the UAE and the region.” Financing optimises the marine portfolio’s debt structure on account of the business’s outperformance and creates a single financing facility for Stanford and Allianz, including an accordion to support the acquisition of more vessels, the company added. |
