Doha: Barwa Bank recently closed a $125m financing deal with Topaz Energy and Marine (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 $110m Ijarah to finance ten existing vessels and a $15m Istisn’a to finance two newly built vessels. The vessels are offshore support vessels used to provide special services to oil platforms, a press release issued by the bank said yesterday.
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.”
René Kofod-Olsen, CEO of Topaz said: “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.”
Hogan Lovells LLP advised Barwa Bank, while Reed Smith LLP advised Topaz.
The Peninsula
