Dubai-based marine services company Stanford Marine Group (SMG) said it has secured $45 million financing from National Bank of Fujairah for capital restructuring and expansion plans.
As part of its restructuring, the company also appointed a new board of directors, according to a statement Monday.
Earlier this year, the company, which owns and operated offshore supply vessels, completed a 1.13 billion dirham ($308 million) debt buyout by a consortium led by Dubai-based financial firm Shuaa Capital.
The financing from National Bank of Fujairah is structured as a bilateral facility for a period of approximately five years. The financing will be used to support SMG’s expansion opportunities arising in the offshore support vessel sector as well as to optimize the company’s capital structure, it said.
SMG has appointed Saeed Al Hajeri, currently vice-chairman of Abu Dhabi National Energy Company (TAQA) as chairman of the new board.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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