Shuaa Capital, a UAE-based asset management and investment banking firm, has secured a significant financial boost for its marine offshore support vessel (OSV) segment. This comes through a seven-year finance facility of up to US$300 million from National Bank of Fujairah (NBF) and The Arab Energy Fund (TAEF), formerly known as Apicorp. The funds will support the growth of Stanford Marine and Allianz Marine and Logistics Services, acquired in 2020 and 2022, respectively.
Walkers (Dubai) acted as Cayman Islands legal counsel to the National Bank of Fujairah for this financing, which is considered one of the largest secured overnight funding rate (SOFR)-based facilities for the OSV sector in the Middle East. The Walkers team was led by Ciaran Bohnacker and Szymon Durlo.
This transaction marks a notable moment for the OSV sector in the Middle East, showcasing the region's commitment to advancing its maritime capabilities. The substantial funding underscores the confidence in the growth potential of Stanford Marine and Allianz Marine and Logistics Services, setting a new benchmark for SOFR-based facilities in the industry.
Furthermore, this achievement highlights the exceptional capabilities and strength of our team at Walkers, demonstrating our expertise and dedication in navigating complex shipping financing transactions and delivering outstanding results for our clients.