Abu Dhabi, 19 December, 2015 - Gulf Marine Services (GMS), a leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, has announced it has secured a new USD 620 million financing facility.

The syndicated financing combines Islamic and conventional facilities and will replace GMS' existing funding facilities with no changes to the previous borrowing covenants. The facility has a term of six years and comprises a USD 375m term facility, a USD 175m committed capex facility and USD 70m facility for general working capital purposes; a further USD 300m uncommitted facility has also been agreed.

The banking group consisted of Abu Dhabi Islamic Bank as the Initial Mandated Lead Arranger, Global Coordinator and Sole Bookrunner of the deal, along with Abu Dhabi Commercial Bank as Initial Mandated Lead Arranger and Intercreditor Agent of the deal, National Bank of Abu Dhabi and HSBC Bank Middle East Limited as Mandate Lead Arrangers, and National Bank of Kuwait, ABC Islamic Bank and First Gulf Bank as Lead Arrangers. GMS was advised by Gibson, Dunn & Crutcher LLP, and White & Case LLP acted for the banking group.  

Duncan Anderson, Chief Executive Officer of GMS, said: "The Group is pleased to announce this substantial new debt facility, which both extends the maturity of our debt profile and has been achieved with a helpful improvement in the borrowing margins compared to our previous financing arrangements. This is testament to the banking community's confidence in our business model and prospects in the current low oil price environment. We have the right capital structure in place to continue our strategy for delivering long-term growth."

Amir Riad, Global Head of Investment Banking and Corporate Finance, Abu Dhabi Islamic Bank said: "As one of the leading banks in the UAE, we are pleased to lead this successful facility for GMS. This deal is testament to our continuous leadership in the Offshore Support Services sector in the UAE as we continue to support our customers and meet their changing financial needs."

Colin Fraser, Head of Wholesale Banking Group at ADCB said: ADCB is delighted to lead this financing for GMS, helping to secure favourable ongoing funding terms. We believe it is important to support investment in the future of this excellent Abu Dhabi based company and look forward to working with the management team as they grow and continue the development of the business.

John Brown, Chief Financial Officer, Gulf Marine Services said: "We are very pleased with the quality of the banking group, a collaboration of local, regional and international banks, with this highly structured conventional and Islamic facilities demonstrating the banks' trust in GMS' business proposition." 

About ADIB
ADIB is a leading bank in the UAE with more than AED 110 billion in assets. Its 855,468 customers benefit from the third largest distribution network in the UAE with 88 branches and more than 757 ATMs. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX). 

In the UAE, the Bank has more than 2,300 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratisation ratios with more than 45% of the bank's workforce being UAE Nationals.

ADIB is a leading global advocate of Ethical Finance and in 2012, in partnership with Thomson Reuters, the bank launched the Ethical Finance Innovation and Challenge Awards (EFICA). In 2015, the awards received over 200 applications from all over the world.

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.

Named "Best Bank in the UAE" by The Financial Times' The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.

About ADCB (30 September 2015):
ADCB was formed in 1985 and as at 30 September 2015 employed over 4,000 people from 67 nationalities, serving over 600,000 retail customers and over 50,000 corporate and SME clients in 48 branches, 4 pay offices and 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore.  As at 30 September 2015, ADCB's total assets were AED 215 bn.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.

ADCB is owned 58.08% by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 September 2015, excluding treasury shares, ADCB's market capitalisation was AED 40 bn.

© Press Release 2015