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.
