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SHUAA buys out Dhs1.13 billion debt of Stanford Marine Group

Jassim Alseddiqi

Asset management and investment banking firm, SHUAA, has completed a debt buyout of Stanford Marine Group’s Dhs1.13 billion (USD308 million) facility.

The Dubai-based Stanford Marine Group (SMG) is a diversified offshore services company in the Middle East, with a focus on chartering, building and repairing offshore support vessels for the oil and gas industry.

The restructuring strengthens SMG’s liquidity position. It has also helped save more than 1,800 jobs, and annual exports of close to Dhs20 million worth of (Made in UAE) vessels completed at the ultramodern Grandweld shipyard’s facility in Dubai Maritime City.

Jassim Alseddiqi, CEO, SHUAA Capital, said: “Despite the COVID-19 lockdowns last year, we continued to lead discussions with the SMG lenders’ advisors and worked collaboratively to reflect the changing needs of the consortium while finding a viable solution that worked in the best interest of all parties involved. We are proud to have achieved so much with this deal – from supporting banks to exit a distressed debt situation with a cash recovery, to retaining jobs of employees and sailors and sustaining their livelihoods, and finally ensuring continuity of SMG business and its contribution to the local economy.”

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