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Dubai: Standard Chartered Bank and Noor Islamic Bank on Tuesday said they have jointly arranged a $46 million, eight-year financing facility for GMMOS Group's subsidiary, Stanford Charter, for the refinancing, construction and purchase of a fleet of 12 offshore service vessels.
GMMOS Group is an oil and gas services and industrial group operating in the Gulf and Caspian markets.
It is jointly owned by Abraaj Capital and Waha Capital. This sharia-compliant facility has specifically been arranged to fin-ance its current and future vessel acquisition programmes.
Nigel Anton, managing director and head of shipping finance, Standard Chartered, said the transaction that utilises an Islamic finance structure highlights their capabilities.
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