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Standard Chartered, Noor Islamic arrange $46 million financing
DUBAI - Standard Chartered Bank and Noor Islamic Bank have arranged $46 million, eight-year financing facility for GMMOS Group's subsidiary, Stanford Charter Inc., for the refinancing, construction and purchase of a fleet of 12 Offshore Service Vessels (OSV's), said a Press release.

GMMOS Group is a major regional oil and gas services and industrial group operating in the high growth Gulf and Caspian markets. It is jointly owned by Abraaj Capital and Waha Capital. This Shariah compliant facility has specifically been arranged to finance GMMOS's current and future vessel acquisition programme.

Elias Nassif, CEO of GMMOS Group, said: "We are very impressed with both banks' capabilities in structuring and executing this transaction. The facility meets our group's current ship financing requirements. This is our first experience with Islamic financing and it opens a new avenue for our future financing needs."

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