Middle East

Zakher Marine gets financing for newbuilding programme

Abu Dhabi: Zakher Marine International has secured AED 1.55bn ($420m) in financing for its subsidiary QMS Holding’s shipbuilding programme, which will comprise 15 new vessels and three self-elevating accommodation barges.

The financing was supplied by Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution.

“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 maximise service efficiency and effectiveness for the offshore oil services industry,” Musadaq Yacoub, CEO of Zakher Marine, said in a statement.

Abu Dhabi-based Zakher Marine provides services to the offshore oil and gas industries and offshore marine construction companies.

The group currently owns and operates over 35 offshore support vessels, and manages and operates 10 vessels including providing support services to accommodation barges. [25/11/14]

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