$50 million Islamic lease facility to finance eight ice class work barges
Posted: 02 July 2007
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Dubai-based Topaz Energy and Marine Ltd had concluded a $50 million syndicated Islamic lease finance facility with Standard Chartered Bank, Bank of Scotland and First Gulf Bank. The facility will be used for the construction of eight special purpose ice class work barges which will operate in the north Caspian region of Kazakhstan .
The deal will enhance Topaz’s operations in the Caspian and follows a contract win by subsidiary BUE Kazakhstan, who had secured a contract with Italian oil major Agip worth $350 million in April.
In March last year, Standard Chartered and Topaz also agreed to a long term loan facility of $30 million to finance the construction of a 60 metre, 7,500 brake horsepower (BHP) anchor handling vessel.
“The depth of Standard Chartered's maritime knowledge was key to their understanding of our specific requirements,” Pramod Balakrishnan, Topaz Chief Financial Officer said. “They have provided us with a tailored finance facility, which complements our business strategy.”
“Our team has considerable expertise and experience in vessel financing throughout the Middle East and as such we were able to recognise the strong industry fundamentals and structure the facility accordingly,” John Iossifidis, regional head of Client Relations, Middle East and Pakistan, Standard Chartered Bank, added. |
