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News Article

20 July 2009

ADCB concludes a financing deal with GMS

Abu Dhabi, 20 July 2009: Abu Dhabi Commercial Bank (ADCB), one of the UAE leading banks and Gulf Marine Services WLL (GMS), the largest Jackup Barge Vessel (OSV) operator in the Middle East announced today the close of a financing transaction for GMS for procurement of a new self-propelled jack-up barge “GMS Endeavour”. GMS Endeavour is a self-propelled self elevating accommodation DP II jack-up barge catering for special needs of offshore oilfield services. The hull for GMS Endeavour is under construction in China. On completion later this year it will be towed to Abu Dhabi where the vessel will be completed in GMS’s own facilities in Mussaffah, Abu Dhabi. GMS Endeavour is capable of providing offshore service facilities and accommodation for up to 150 people, in water depths up to 65m. This shall give further capacity to meet demands from the off-shore industry in the Gulf region and abroad.

Mr. Howard Gaunt, Head of ADCB Business Banking Group said “ADCB is very much open for business despite difficult market conditions. This transaction highlights ADCB’s ability to structure sophisticated asset based financing transactions to suit the needs of our corporate clients in the UAE. We, at ADCB, are proud to once again prove our capabilities by being part of this strong and long term relationship with GMS.”

GMS owns and operates a fleet of 5 Jack up barges as well as number of offshore support vessels. These assets serve the oil and gas industry worldwide and focus on well maintenance and workover, offshore accommodation, diving and construction.

Duncan Anderson, CEO of GMS said, “GMS are extremely pleased to have arranged this facility with ADCB and appreciate the commitment that they have shown to our business in the current financial environment. Our strength of relationship with ADCB and their belief in our business model will mean we now have two GUSTO NG-2500X under construction both of which are scheduled to be operational in 2010. These new assets are larger, more sophisticated than our existing fleet and are capable of working in harsh environments which will allow GMS to enter new geographic regions and expand our business throughout the world.”

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