(MENAFN- Khaleej Times) Barwa Bank, recently closed a $125 million financing deal with Topaz Energy and Marine, or Topaz, one of the leading global offshore support vessel companies, to finance 12 vessels operated in the Arabian Gulf and the Caspian Sea.
The deal is considered to be a precedent for Barwa Bank given the uniqueness of the asset class and strategic importance of the industry. The facility comprises a $110 million Ijarah to finance ten existing vessels and a $15 million Istisn'a to finance two newly built vessels. The vessels are offshore support vessels used to provide special services to oil platforms.
Steve Troop, CEO, Barwa Bank Group, said: "The oil and gas services industry is experiencing robust growth and Barwa Bank is proud to support Topaz in catering to this booming sector. The selection of Barwa Bank for this deal is an important achievement for us financially and strategically as we strive to enhance the positioning of Barwa Bank as a strategic choice for major local, regional and international companies."
René Kofod-Olsen, CEO of Topaz said in a statement, "I'm pleased with Barwa Bank's support on this deal. We believe this facility is testament to the confidence the bank has in Topaz, which is underpinned by the Company's track record of performance and corporate governance, as well as its prospects for future growth.
Topaz's steady cash-flows, earnings visibility and strong balance sheet makes it an attractive and secure financing client and we look forward to further developing this partnership with Barwa Bank."
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