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The National Bank of Abu Dhabi (NBAD) signed a deal with National Petroleum Construction Company (NPCC), to provide it US$ 100 million (nearly AED 367 Million) financing toward the construction of a new vessel.
NPCC is a Public Joint Stock Company owned by the General Holding Corporation (Senaat) which holds a 70% interest and the Consolidated Contractors Group (S.A.L.), which holds the remaining 30%. Since 1973, NPCC’s dynamic growth, its past achievements and new facilities have transformed this National Company into a major international (EPC) contractor, capable of providing the Offshore and Onshore Oil & Gas industry in UAE, The Arabian Gulf & India with complete Engineering, Procurement and Construction.
Waha Capital, the diversified holding company, played a key role in the transaction by providing financial advice to NPCC.
The proposed financing structure is a two-plus-five (2+5) years to fully finance one new Jack up Vessels (SEP 550) for NPCC. NBAD will finance 100% of the cost of the construction for two years and will enter into a 5-years bilateral finance with NPCC.
The agreement was signed at NBAD offices by Aqeel A. Madhi, Chief Executive Officer of NPCC and Mark Yassin, Senior General Manager, Global Banking at NBAD
“This latest transaction will go a long way in furthering the long standing relationship between NBAD and NPCC,” said Mark Yassin, Senior General Manager, Global Banking at NBAD. “Abu Dhabi continues to invest in developing world class infrastructure and NBAD, as the premier bank of the UAE, is committed to promoting economic activity in the UAE and to provide all possible support and assistance to the economic development of the UAE.”
Aqeel A. Madhi, Chief Executive Officer of NPCC praised the efforts of NBAD and its constructive cooperation in providing the financing facilities to build a new barge joining the company fleet as part of NPCC Strategic Plans for geographical expansion in the offshore industry. He said: “We are keen to explore this avenue further in future opportunities of this nature.”
The financed vessel will be used for the installation and maintenance activities in oil and gas fields, weighing up to 150 tons, and for laying offshore pipelines. The vessel is under construction, and scheduled to be delivered in 2014.
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