SHUAA Capital has secured a new financing facility for its offshore support vessel (OSV) operations under Stanford Marine Group and Allianz Marine and Logistics Services Holding Limited which were held via a SHUAA-managed fund.
The Fund, domiciled in the Abu Dhabi Global Market (ADGM) and referred to as the “SHUAA-managed fund”, is managed by SHUAA GMC Limited, a wholly owned FSRA-regulated subsidiary of SHUAA.
The business executed a seven-year finance facility of up to $300 million from the National Bank of Fujairah (NBF) and The Arab Energy Fund (TAEF), formerly known as APICORP, a leading multilateral impact financial institution focused on the MENA energy sector.
Owed to the quality and outperformance of SHUAA’s OSV platform, the financing facility is one of the largest Secured Overnight Funding Rate (SOFR) based facilities for the OSV sector in the region.
As a single facility across the Stanford and Allianz OSV operations, acquired by the SHUAA-managed fund in 2020 and 2022, respectively, it further integrates the two units and supports the continued growth of the businesses.
Wafik ben Mansour CEO – SHUAA Capital
“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 & gas industry in the UAE and the region.”
Adnan Anwar, Chief Executive Officer of NBF, said that this deal is a testament to the strong relationship with SHUAA and reflects the bank’s confidence in the strength of Stanford and Allianz and their ability to capitalize on growth opportunities.
Nicolas Thevenot, Chief Banking Officer at TAEF, stated that, “This financing marks a strategic milestone in our commitment to strengthening the energy value chain in the MENA region.”
