Abu Dhabi-based Zakher Marine International Inc. group said it concluded a US$125 million financial from China’s export credit agency Sinosure for the acquisition of two accommodation barges or lift boats from QMS Gladiator.
This is the first of its kind financing in the industry for a private offshore company, Zakher Marine said.
The two high specification lift boats are from Wuhan Marine Machinery Plant based in Wuhan, China.The QMS Sentinel and QMS Gladiator, are the latest additions to Zakher Marine’s fleet.
Last year, the company took the delivery of a sister vessel named QMS Achiever, now amongst many other vessels, successfully operating in the region.
Ramzi Al-Sewaidi, Head of Strategic Projects at ZMI, said: “This transaction is a first of its kind in the region, paving the way for a long relationship with our financing partners locally and internationally.”
“This acquisition highlights Zakher Marine’s strength and ability to achieve sustained growth and continued diversification.”
Sinosure is the official export credit agency of the People’s Republic of China. HSBC acted as sole ECA Coordinator, and the transaction also included Mashreq Bank, acting as the book-runner for the coveted deal, and Bank of Communications Ltd based in China.
Manav Futnani, Head of Export and Specialized Finance MENAT, HSBC said: “We were delighted to support Zakher Marine on this exciting transaction and congratulate the company on the growth of their fleet. As financial markets in the GCC continue to develop, we see ECA-supported asset financing becoming an increasingly attractive solution for corporates across the region that are looking to grow their business.”
Badar Chaudhry, Sector Head of Energy, Mashreq Bank PSC, “The successful close of this landmark financing, which was well oversubscribed, reinforces Zakher Marine’s credentials in the offshore oil and gas sector. The transaction also demonstrates the strong appetite in the GCC financial markets for well-structured asset financing opportunities to support key corporates in the region.”