Stanford Marine Group (SMG), one of the leading offshore services companies in the Middle East, has announced significant progress for its ongoing growth plans following the completion of an AED 1.13 billion debt buyout by SHUAA Capital (SHUAA) earlier this year. The company has now secured new bank financing of US $45 million from the National Bank of Fujairah (NBF), and has also appointed a new Board of Directors with the necessary expertise to help guide its growth.
The NBF financing will be used to support SMG’s expansion in the offshore support vessel sector as well as to optimise capital structure. According to a statement, the new financing reflects both the strength of SMG’s relationship with NBF and the bank’s confidence in SMG’s prospects and its management’s ability to execute on its strategy, as well as NBF’s in-depth knowledge of the offshore support vessel sector, which is one of the bank’s focus areas.
Vince Cook, CEO of National Bank of Fujairah, said: “NBF has been associated with SMG for over 20 years and we understand its business model and recognise the company’s potential to support the UAE’s ambitions to become a shipping hub in the region. We will continue to extend our sector expertise, beyond financing requirements, to support SMG’s ambitious growth plans as well as support the wider economic recovery efforts across the UAE.”
Meanwhile, as part of SMG’s emphasis on enhanced corporate governance, the company has appointed a new Board, led by Saeed Al Hajeri as Chairman, together with Dr. Saleh Al Hashemi, Oliver E. Zoeger and Ajit Joshi. Al Hajeri is currently Vice-Chairman of Abu Dhabi National Energy Company, Vice-Chairman of Islamic Arab Insurance Company and an Executive Director at Abu Dhabi Investment Authority. Al Hajeri commented: “SMG is well placed to benefit from the opportunities for growth in the region and I look forward to helping the management deliver on SMG’s full potential.”