GMMOS Group's Stanford Marine Division Acquires Offshore Marine Company MMPL

DUBAI, UAE, December 30 /PRNewswire/ -- UAE based GMMOS Group, backed by Abraaj Capital and Waha Capital, has acquired 100% of the share capital of Minnow Marine Projects Limited (MMPL) through its newly formed Singapore based division Stanford Asia. MMPL founder and CEO Robin Reeves will remain actively involved in the further development of the combined group as head of Stanford Asia. According to Elias Nassif, CEO of GMMOS Group, Stanford plans to make additional acquisitions in the OSV sector while expanding its geographic presence in 2010 with new regional offices in India and West Africa.

MMPL's fleet of offshore support vessels (OSV) comprising 4 Platform Supply Vessels (PSV) and 6 Multirole Utility Vessels (MUV) valued in excess of $200m, when delivered, will complement Stanford's diversified fleet of 33 vessels including AHTSs, FSVs, Utility Vessels and Crewboats operating largely on term charters across the GCC and South East Asia. PSVs run cargo and general supplies to mobile rig units and fixed offshore installations. MUVs are small PSVs which can be fitted with extra equipment in order to be used in a variety of roles. The acquired fleet significantly enhances the Stanford Marine fleet profile and allows it to offer a more comprehensive asset mix to existing and future customers in the oil and gas and offshore marine sector. With this recent acquisition, the total fleet size (including vessels to be delivered) increases to 43 vessels.

"The recently completed acquisitions and projects currently in the pipeline will help make GMMOS Group's Stanford Marine division one of the largest OSV-fleet owner-operators fleet in the Middle East, North Africa and South Asia (MENASA) region, meeting the needs of the vital oil and gas industry and creating value for its shareholders," said Ahmed Badreldin, Executive Director at Abraaj Capital.

About GMMOS Group: GMMOS Group is comprised of four well-established business divisions centered on two main activities: Marine and Engineering. In Marine, GMMOS activities include Stanford Marine, a prominent Offshore Supply Vessel (OSV) charter operator in the Gulf currently expanding in South East Asia and India, and Grandweld, the leader in shipbuilding and ship repair in the Gulf focusing on the OSV segment. The company's Engineering activities include GMMOS Fabrication, an oil and gas specialized steel fabricator of pressure vessels and skid modules with operations in the UAE and Kazakhstan; and Gallagher, one of the largest mobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabi markets. GMMOS is 51 per cent owned by a Fund managed by Dubai-based Abraaj Capital and the remainder by Abu Dhabi-listed Waha Capital. For additional information, please visit http://www.gmmosgroup.com

About MMPL: MMPL's activities comprise investing in newbuild offshore support vessels and their designs, owning and providing to end users such vessels and providing brokering services to the offshore support sector. MMPL focuses on Platform Supply Vessels (PSV) and Multirole Utility Vessels (MUV) serving the offshore oil & gas sector. MMPL's strategy is to capitalize on its management's 45 plus year knowledge and experience in the offshore industry, its relationships with Chinese shipyards, the high and growing demand for offshore supply vessels, its relationships with end users and its ability to provide tonnage and services. Excluded from the transaction are MMPL's share interest in the Compact Semi Sub (CSS) project and the specialist 87M Inspection Maintenance and Repair (IMR) vessel. For additional information, please visit http://www.minnowmarine.com

About Abraaj Capital Group: Abraaj Capital is the Middle East's largest private equity group, and invests in the growing Middle East, North Africa and South Asia (MENASA) region. Since inception in 2002, it has raised about US$ 7 billion and distributed almost US$ 3 billion to investors. The group has made more than 35 investments in 11 countries and exited 20. Based in Dubai, the group operates offices in five countries, including Saudi Arabia, Egypt and Turkey. More than 150 world-class professionals work for the group from 27 different nationalities. Funds managed by the Abraaj group have holdings in some of the region's most prominent companies, such as Air Arabia, the region's largest low-cost carrier; Acibadem Healthcare Group, Turkey's biggest privately owned operator of premium hospitals; and Al Borg Laboratory, the Middle East's biggest medical laboratory-testing company. The Abraaj group companies have won several international awards. Private Equity International magazine named it 'Middle Eastern Private Equity Firm of the Year' four years running. Abraaj Capital Ltd., a member of the Abraaj group, is licensed by the Dubai Financial Services Authority, which operates according to international regulatory standards. The group is an associate member of the European Venture Capital Association and a member of the Emerging Markets Private Equity Association. For more information please visit http://www.abraaj.com

About Waha Capital: Waha Capital PJSC is Abu Dhabi-based and Abu Dhabi Securities Exchange-listed diversified investments holding company, which was created by restructuring Oasis International Leasing Company PJSC in February 2008. Waha Capital has adopted a clear vision and strategy to drive multi-sector business growth and diversification through acquisitions, joint ventures and creation of new business. Its current business portfolio includes big-ticket leasing, financial services, maritime and property development. Waha Capital's main institutional shareholders are Mubadala Development Company and Abu Dhabi Investment Company. In pursuing its vision and strategy as a diversified investment holding company, Waha Capital aims to be a world-class organization that will take the lead in implementing best practices and governance, and to position itself as a partner of choice in the UAE and Middle East for regional and global businesses. For more information please visit http://www.wahacapital.ae

    For further information, please contact:

    Neil Corbasson
    Group Vice President-Business Development
    GMMOS Group
    Email: neil@gmmos.com
    Tel: +971-4-880-3637

SOURCE GMMOS Group



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