Maridive will hand over the Petrofac project in the UAE to Abu Dhabi Marine Operating Company (ADMA-OPCO), in accordance with the contract between the two companies.
The project is worth $151m and will be delivered by March 2016, according to Investors Relations Manager at Maridive Adel Al-Zomor. Maridive is an offshore marine and oil support services provider.
Al-Zomor explained that the company is working to speed up the progress of these projects, as well as searching for new business opportunities with petroleum companies that target to conduct exploration and research in the Mediterranean Sea and elsewhere.
He added that this target required obtaining a $250m loan from Abu Dhabi Islamic Bank (ADIB) for the purchase of maritime units, as well as restructuring the current loans. Maridive aslo intends to hand over a project executed for Oil and Natural Gas Corporation (ONGC) in India, in the second quarter of the year.
Al-Zomor commented that the loan from ADIB is absolutely necessary to restructure debts. The total value of the loans registered in Maridive’s budget amount to $430.331m, $112.85m of which are short-term loans.