Abu Dhabi: SHUAA Capital psc has announced the successful execution of a significant financing facility to bolster its Offshore Support Vessel (OSV) operations. These operations are conducted under the Stanford Marine Group and Allianz Marine and Logistics Services Holding Limited, both held through a fund managed by SHUAA.
According to Emirates News Agency, the SHUAA-managed fund, domiciled in the Abu Dhabi Global Market (ADGM), is overseen by SHUAA GMC Limited, a wholly owned subsidiary regulated by the FSRA. The arrangement involves a seven-year finance facility amounting to $300 million, sourced from the National Bank of Fujairah (NBF) and The Arab Energy Fund (TAEF), previously known as APICORP. TAEF is a leading multilateral impact financial institution with a focus on the MENA energy sector.
The completion of this deal is anticipated in the near future, pending the fulfillment of closing procedures. The facility represents one of the largest Secured Overnight Funding Rate (SOFR) based arrangements for the OSV sector within the region, attributed to the high performance of SHUAA's OSV platform.
The financing initiative is intended to integrate the Stanford and Allianz operations, acquired by the SHUAA-managed fund in 2020 and 2022 respectively, and to support the ongoing expansion of these business units. SHUAA Capital's CEO, Wafik ben Mansour, expressed optimism about further developing Stanford and Allianz's operations and contributing to the growth of the offshore oil and gas industry in the UAE and the broader region.
Adnan Anwar, CEO of NBF, noted that the deal underscores the robust relationship with SHUAA and reflects confidence in the capabilities of Stanford and Allianz to leverage growth opportunities. Nicolas Thevenot, Chief Banking Officer at TAEF, highlighted that this financing marks a strategic milestone in the endeavor to fortify the energy value chain in the MENA region.