Ocean Marine UAE to settle its debt via a new deal

Ocean Marine UAE, which is 51 per cent owned by Maridive, is in the process of finalising a deal to sell a marine unit for $40 million to settle the company’s debt to improve its future cash flow.

As per the company’s disclosure to the EGX, the entire proceeds will be used to settle the company’s debt directly with the lender banks amounting to $45.5 million. Moreover, there will be no net proceeds to Ocean Marine UAE nor Maridive and Oil Services from the sale.