Halul Offshore Secures $60 Million for OSV Fleet Expansion

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.