The parent of Stanford Marine has taken over Minnow Marine Projects and its fleet of 10 offshore vessel newbuildings. Dubai-based GMMOS Group said Wednesday that it acquired the entire share capital the offshore vessel outfit through its Stanford Asia subsidiary.

The deal had the backing of private equity firm Abraaj Capital and Waha Capital, the Abu Dhabi investment firm has a 49% stake in GMMOS and owns two anchor handling tug supply vessels (AHTSs).

Through the transaction, Stanford Marine picks up orders for four platform supply vessels (PSVs) and six multirole utility vessels (MUVs). GMMOS says the newbuildings are worth more than $200m.

The newbuildings will add to Stanford Marine’s 33 offshore vessels, which operate on long-term charters in Southeast Asia and the Persian Gulf.

Stanford plans to make more acquisitions in the offshore supply vessel sector and expand to India and West Africa, the parent says. “The recently completed acquisitions and projects currently in the pipeline will help make GMMOS Group's Stanford Marine division one of the largest OSV-fleet owner-operators fleet in the Middle East, North Africa and South Asia region, meeting the needs of the vital oil and gas industry and creating value for its shareholders,” Abraaj Capital executive director Ahmed Badreldin says in a statement.

source: asiasis