Dalma Power Secures Financing For Oil Rigs By way of Financial institution Sohar And QNB_FC
Oman-based mostly drilling rig operator Dalma Energy International has secured a $77.5 million financing organized by Bank Sohar and Qatar National Bank (QNB).
The financing package deal concerned both term mortgage facilities and customized bond guarantee amenities to help in the purchase of three state-of-the-art 1,500HP oil drilling rig packages from Shandong Kerui Petroleum Equipment Co primarily based in China. The rigs will in the end be in operation for use on a Saudi Aramco undertaking.
Bank Sohar is the ability agent, onshore account financial institution, onshore safety agent as well as custom bond assure financial institution.
Both Bank Sohar and QNB, Oman branch are performing as lenders.
This is another vital financing for the Dalma Power Group, one of the most important land drilling rig proprietor and operators in the Middle East and North Africa, and will help in increasing the capability of the oil and fuel sector in Oman and across the area.
The transaction was celebrated at a signing ceremony on 4 June at the Al Bustan Ritz-Carlton Lodge in Muscat.
Attending the event on behalf of Financial institution Sohar had been Rashad Ali al Musafir, performing CEO; Sasi Kumar, DGM and head of strategy and corporate banking; Jeanan Sultan, senior AGM for authorities establishments and project finance and syndication; and Sanjeet Kumar Verma, head of mission finance and syndication. Additionally in attendance were Saad Musa al Jenaibi, basic supervisor of QNB Oman and Juma al Sulaimani, performing head – company of QNB Oman. Representing Dalma Power International had been Sheikh Salah al Qahtani, chairman; Fredric Younger, CEO; and Rajat Khurana, CFO.
Performing CEO of Bank Sohar, Rashad Al Musafir, states: “This transaction marks one more significant accomplishment for Financial institution Sohar and we are happy to finance such a significant challenge. The syndication reinforces our capabilities and commitment to continually collaborate with local and international corporates in direction of supporting initiatives that contribute towards Oman’s financial development and prosperity. We’re comfortable to have worked with the different parties and stakeholders in this transaction.”
Saad Musa Al Jenaibi, normal manager of QNB Oman, feedback: “This settlement reflects the bank’s dedication to keep up and additional enhance QNB’s position as a leading financial establishment within the nation and in MENA area. QNB is dedicated to support the enterprise neighborhood of Oman by fulfilling their financing requirements and supporting growth of Oman’s economic system. QNB can also be working closely with the local banks to jointly help large worth initiatives, which is properly reflected on this transaction.”
International regulation agency Dentons advised Bank Sohar and QNB on the $77.5 million syndicated mortgage for Dalma.
The Dentons Muscat staff was led by associate Sadaf Buchanan working with associates Ahmed Choudhry, Fatma Al Rashdi and senior affiliate Justine Harding. solidkey petroleum machinery pte Riyadh primarily based accomplice Amgad Husein and affiliate Jonathan Burns supplied all Saudi legislation expertise and UAE law advice was led by associate Udayan Mukherjee. All three workplaces labored together in bringing this transaction to a successful conclusion for the lenders.
Dentons banking and finance accomplice in Muscat, Sadaf Buchanan, comments: “We’re delighted to have supported Financial institution Sohar and QNB on this vital financing. It solidkey petroleum machinery pte demonstrates the solidkey petroleum machinery pte dedication of all parties concerned within the area’s oil and fuel sector.”
In February this yr, Dalma Power additionally signed a mortgage totaling $116.24 million with arranger and sole provider National Financial institution of Oman. The financing was for 5 state-of-the-artwork one thousand HP rigs to PDO in Oman. The rigs have been once more bought by Dalma from China’s Shandong Kerui Group.
The third-largest owner of land drilling rigs in the MENA region, Dalma Energy is a global drilling contractor headquartered in the Sultanate of Oman with operations in Oman, Kingdom of Saudi Arabia and Algeria. Dalma has in total 31 rotary drilling rigs beneath long-term contracts working for shoppers PDO, Saudi Aramco, BP and PTTEP. Dalma expects revenues of $340 million in 2015 and currently employs 2,800 individuals in three nations.
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