GCC Energy Fund takes 33% stake in Gulmar Offshore
Posted: 11 December 2006
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The GCC Energy Fund, the region˙s leading private equity fund for the energy sector, has acquired a 33% equity stake in Sharjah-based Gulmar Offshore Group.
 Executives from the Fund hope that the direct investment in the group, which specializes in subsea services, engineering, pipeline maintenance and underwater technology, will help capitalize on the ongoing rise in demand for support services in the offshore energy business as well as providing the company with essential funds for expansion.
´One of the core objectives of the Fund is to realize value at every stage of the supply chain of the energy sector and Gulmar represents an excellent example of a regional company which has realized major successes on the service side of the industry,ˇ said Adil Toubia, Chief Executive Officer, The GCC Energy Fund, a private equity fund and is sponsored by Gulf International Bank (GIB) and Standard Bank and co-sponsored by Emirates National Oil Company (ENOC).
´We recognize the ongoing opportunities for strong companies like Gulmar in this market and are confident that our investment will provide them with the resources needed to expand globally,ˇ he added.
Gulmar Offshore has been in operation for nine years and has experienced significant growth in recent years, both locally and internationally.
With revenue having grown by over 330% over the last three years, the company has benefited significantly from the rise in offshore exploration and development in territories as diverse as the Middle East , Iran , the Gulf of Mexico and South East Asia .
Jean Michel Tissier, Chairman of the Gulmar Offshore Group, said: ´This investment provides us with the capital we need to expand our specialized fleet for offshore and sub-sea activities, enabling us to increase the geographic expansion of our business.ˇ
´Our partnership goes beyond capital. The Fund has strong value assets in terms of strategic thinking and an embedded knowledge of the energy sector which we consider invaluable to us,ˇ he added.
Under the terms, The GCC Energy Fund will have two seats on the board. The announcement of the deal comes during a busy period of investment by the Fund. Less than two weeks ago it led a consortium of investors in acquiring a controlling interest in Oman ˙s Dhofar Power Company (DPC).
The GCC Energy Fund, launched in 2005, is the first private equity fund focused on investments in companies and projects in the energy sector in the Middle East .
´We recognize the extent of the opportunities within the region˙s energy sector at every step of the discovery, development and delivery process, and will continue to invest responsibly in companies that we feel we can help achieve their full potential,ˇ concluded Toubia. |
