Barwa Bank, recently closed a USD125 mnfinancing deal with Topaz Energy and Marine (“Topaz”), one of the leading global offshore supportvessel 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 USD110 mnIjarah to finance ten existing vessels and a USD15 mnIstisn’a to finance two newly built vessels. The vessels are offshore support vesselsused to provide special services to oil platforms.
Mr. Steve Troop, CEO, Barwa Bank Group commented on the deal, “The oil and gas services industry is experiencing robust growth and Barwa Bank is proud to support Topaz in catering to this booming sector.The selection of Barwa Bank for this deal is an important achievement for us financially and strategically as we strive to enhance the positioning of Barwa Bank as a strategic choice for major local, regional and international companies.”
Mr. René Kofod-Olsen, CEO of Topaz said in a statement, “I’m pleased with Barwa Bank’s support on this deal. We believe this facilityis 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. Topaz’s steady cash-flows, earnings visibility and strong balance sheet makes it an attractive and secure financing client and we look forward to further developing this partnership with Barwa Bank.”
Topaz is a pioneer in its industry with a solid track record, and Barwa Bank looks forward to partnering withTopaz to support further expansion. Capitalising on its strong financial situation and innovative suite of products and services, Barwa Bank will continue to work closely with energy and energy-related sectors to achieve its vision of becoming a universal banking group with its roots in Qatar.
Hogan LovellsLLP advised Barwa Bank on legal matters related to the transaction, while Reed Smith LLP advised Topaz.
