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Stanford Marine boosts tug fleet in Waha deal

Stanford Marine boosts tug fleet in Waha deal
Abu Dhabi: Waha Capital PJSC, an Abu Dhabi-based investment company, has sold three Anchor Handling Tugs (AHT) owned by Waha Offshore Marine Services (WOMS) to Stanford Marine Group.

Waha Capital has a 49% shareholding in Stanford Marine and the transaction consolidates Waha Capital's interests in the offshore support industry under one investment vehicle.  The three vessels are currently owned by WOMS, and placed under charter with Abu Dhabi government-owned entities. The charters are not affected by the sale.

Salem Rashid Al Noaimi, ceo and managing director of Waha Capital, said, "Transferring the WOMS vessels and their operating contracts to Stanford Marine Group will position the business for further growth while continuing to capture the increasing demand for offshore support services in the region."

Elias Nassif, ceo of Stanford Marine, added "The outlook for the oil services market in the Middle East remains strong, with some very large offshore projects requiring a significant number of additional offshore service vessels. This transaction increases Stanford Marine’s fleet size from 36 to 39 vessels. We value our continuing partnership with Waha Capital and see the transfer of these vessels as a further development of that relationship."

Waha Offshore Marine Services was established by Waha Capital in 2009 as an owner/operator of offshore support vessels, primarily focused on the UAE market.


TAGS: Offshore
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