Zakher Marine secures $420mn for new program

Abu Dhabi Islamic Bank to provide the financing

Zakher Marine signed deals worth $350mn in October.
Zakher Marine signed deals worth $350mn in October.

Zakher Marine will receive $420mn from the Abu Dhabi Islamic Bank (ADIB) for its new ship-building program.

The program includes 15 vessels and three self-elevating accommodation barges through one of its group companies - QMS Holding.

Zakher Marine International, which was established in Abu Dhabi in 1984, provides services to the offshore oil and gas industries. The company owns and operates over 35 offshore support vessels and manages ten other vessels.

Musadaq Yacoub, CEO of Zakher Marine, said: “We remain committed to the UAE market and this facility will allow us to bring technologically advanced and larger size vessels to Abu Dhabi, the regional and international markets which will maximize service efficiency and effectiveness for the offshore oil services industry, something we believe is key for the company to remain competitive and meet the needs of its clients.”

ADIB was the sole book-runner and initial mandated lead arranger of the financing. ADIB said the deal oversubscribed two times meaning Zakher Marine received offers for double the amount it needed.

Banks showing interest in the offer included ADCB, Al-Hilal Bank, MashreqBank, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank.
 

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