Maridive’s Emirati unit lines up $40m asset sale to settle debt

Egyptian OSV player Maridive has announced that its Emirati unit, Ocean Marine UAE, is finalising a deal to sell a $40m marine unit.

The company said in a stock exchange filing that the proceeds from the sale, which is expected to be completed shortly, would be used to settle Ocean Marine UAE’s debt of $45.5m.

The Egypt-listed group owns 51% of Ocean Marine UAE, which specialises in offshore support vessels, providing commercial activities and maritime services. 

Maridive, which was set up in 1978 in Port Said, said the sale was in line with its “extended efforts to restructure the company and subsidiaries’ debt positions to improve company current and future cash flow”.