(MENAFN - Emirates News Agency (WAM)) Abu Dhabi National Leasing Company (ADNL) has signed a deal with National Petroleum Construction Company (NPCC), to provide it US110 million ( nearly AED 404 million) financing toward the construction and lease of a new vessel. ADNL is a fully owned asset finance subsidiary of the National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE.
NPCC is a Public Joint Stock Company owned by the General Holding Corporation (GHC) which holds a 70% interest and the Consolidated Contractors Group (S.A.L.), which holds the remaining 30%. Since 1973, NPCC's dynamic growth, its past achievements and new facilities have transformed this National Company into a major international (EPC) contractor, capable of providing the Offshore and Onshore Oil '&' Gas industry in UAE, The Arabian Gulf '&' India with complete Engineering, Procurement and Construction.
Waha Capital, the diversified holding company headquartered in Abu Dhabi, played a key role in the transaction by providing financial advice to NPCC. The proposed financing structure is a two-plus-five (25) year finance lease to partially finance one new Derrick Lay Ship DLS-4200 for NPCC.
ADNL will finance 100% of the cost of the construction of the hull by Zhenhua Heavy Industries of China for two years; and will enter into a 5-year finance lease with NPCC.
The lease financing, includes pre-delivery-payments which enable the lessee to have access to funding while the asset is being built and leased upon delivery. The agreement was signed at ADNL offices by Aqeel A. Madhi, Chief Executive Officer of NPCC and Yousef Abdulla Yousef, Managing Director of ADNL along with Jawaid Abdullah, Vice President ADNL.
"This latest transaction will go a long way in furthering the long standing relationship between NBAD's Abu Dhabi National Leasing Company and NPCC," said Yousef Abdulla Yousef, the Managing Director of ADNL.
"Abu Dhabi continues to invest in developing world class infrastructure and NBAD, as the premier bank of the UAE, is committed to promoting economic activity in the UAE and to provide all possible support and assistance to the economic development of the UAE."
Aqeel A. Madhi, Chief Executive Officer of NPCC, praised the efforts of ADNL and its constructive cooperation in providing the financing facilities to build a new barge joining the company fleet as part of NPCC Strategic Plan for geographical expansion in the offshore industry.
He said: "We are keen to explore this avenue further in future opportunities of this nature." The financed vessel will be used for the installation of offshore modules and marine structures weighing up to 4,200 tons and for laying offshore pipelines. The vessel is under construction in a Chinese shipyard and is scheduled to be delivered in 2012.
"NBAD is committed to supporting Abu Dhabi vision 2030, which sets out the framework for diversifying the economy", Mr. Yousef said. "ADNL supports this commitment by building capabilities and skills across the financial services sector which is an integral part of The Abu Dhabi Economic Vision 2030. The ability to tailor sophisticated investment management solution helps underpin the Emirate's progress towards developing a centre of excellence."