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GCC NEWS<br />
Oman Shipping secu<strong>res</strong> US$227mn for new tankers<br />
Oman Shipping Company has<br />
raised US$227mn to finance the<br />
purchase of 10 new tankers. Société<br />
Générale acted as the sole arranger and<br />
sole underwriter for the deal, which<br />
comprises both commercial debt as<br />
well as financing backed by Korea’s<br />
export credit agency K-Sure.Oman<br />
Shipping Company is wholly owned<br />
by the Sultanate of Oman.<br />
Commenting on the deal, the<br />
company’s CEO Tarik Al-Junaidi<br />
says: “We are very pleased with the<br />
successful close of this landmark<br />
transaction, particularly in the current<br />
environment, a testimony to our current<br />
strategy and its robustness. Beyond<br />
the importance for Oman Shipping<br />
Company, this deal perfectly meets<br />
our company’s objectives in terms of<br />
diversification of funding sources.”<br />
Nakilat embarks<br />
on further<br />
expansion into<br />
global markets<br />
ASRY-built landing craft launched<br />
in Bahrain<br />
Bahrain’s Interior Minister Lt.<br />
Gen. Shaikh Rashid bin Abdullah<br />
Al Khalifa has officially launched the<br />
landing craft, Safra 1, at an event at<br />
the Coast Guard headquarters in<br />
Bahrain. The vessel was built at local<br />
shipyard, ASRY.<br />
Equipped to carry out search,<br />
<strong>res</strong>cue and firefighting operations,<br />
the landing craft was ordered as<br />
part of the modernization strategy<br />
of the Coast Guard. After a short<br />
film documenting the ship’s 15-month<br />
building stages implemented by ASRY<br />
in cooperation with the Coast Guard,<br />
the launching ceremony took place,<br />
during which, the Interior Minister<br />
exp<strong>res</strong>sed thanks and appreciation to<br />
the Coast Guard personnel for their<br />
round the clock readiness.<br />
Nakilat, which has grown from just an<br />
LNG (liquefied natural gas) shipping<br />
company to a comprehensive maritime<br />
service provider, has embarked on a<br />
multi-pronged strategy to further its<br />
expansion into global markets. The<br />
strategy was emboldened by its foray<br />
into repair and construction operations<br />
at the Erhama Bin Jaber Al Jalahma<br />
Shipyard as well as agency, towage<br />
and vessel support services, Nakilat<br />
chairman and Minister of Energy<br />
and Industry HE Dr Mohamed bin<br />
Saleh al-Sada told shareholders at the<br />
annual general assembly meeting that<br />
approved QR955mn net profit and<br />
QR1 per share cash dividend.<br />
10 FEBRUARY - MARCH 2017
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