Halul Offshore Services Company, a wholly owned subsidiary of Milaha (previously known as Qatar Navigation), has secured an eight year US$ 60 million (QAR 220 million) ship financing facility with Sumitomo Mitsui Banking Corporation (SMBC). Proceeds from the facility will be utilized by Halul to fund an ambitious expansion strategy aimed at improving the technical capabilities of its fleet and also expanding the fleet size to selectively expand its geographical presence.
In-line with its expansion strategy, Halul has strong capital expenditure plans for the coming years. The growth plans include acquiring several new vessels including Diving Support Vessels, Anchor Handling Tugs, Construction vessels and Well-Head maintenance/wireline support vessels. Halul acquired two vessels in 2010 and three in 2011 and early 2012. It is looking to add two more vessels to its fleet in 2012.
Ismail Al Emadi, Executive Vice President, Offshore at Milaha said “Over the coming years, we intend to expand our offshore services segment in the region and beyond, and this facility significantly enhances the ability to execute our strategy”.
Last month, Milaha announced they had increased their stake in two LNG carriers which are on long term charter to Ras Gas.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,230 members that receive our newsletter.
Have a news tip? Let us know.
Two of the world's biggest renewables players on Wednesday warned of challenges for the U.S. offshore wind sector under a presidency led by Donald Trump, flagging potential delays for the technology slammed by the president-elect.
A Russian Navy frigate equipped with new generation hypersonic cruise missiles has conducted drills in the English Channel and is carrying out tasks in the Atlantic Ocean, Russian news agencies reported on Tuesday.
Energy regulator Ofgem approved five new subsea power links from Great Britain to the continent and Ireland as the country seeks to profit from a boom in wind capacity and become a net electricity exporter by the end of the decade.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,230 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
