2015

New 42m prototype achieving over 30 knot of speed is delivered to Fujairah National Shipping Agency

On the 7th of November 2015Grandweld has successfully delivered its prototype for the modified 42m. The vessel, named FNSA-3, can achieve a speed of 28.5 t knots with 40 tons of deadweight and over 30 knots at lightship condition. FNSA-3 offers luxury seating, VIP accommodation, a larger deck space and enhanced comfort for the crew. The vessel will be capable of executing several missions such as security duties, fast transportation of offshore personal and cargo, supply of fuel and freshwater.

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SMG Awarded ‘The Structured Finance Deal of the Year’

Stanford Marine Group’s (SMG) refinancing of its existing debt through a US$325mn overcame a number of key challenges to become one of the largest private sector syndications for a UAE-based corporate in 2015, potentially opening up the world of underwriting to private sector borrowers.

Deal At A Glance
• Award: Structured Finance Deal of the Year
• Deal Type: Structured Finance
• Location: UAE
• Borrower: Stanford Marine Group
• Mandated Lead Arranger, Underwriter, Investment and Security Agent: Noor Bank
• Mandated Lead Arrangers: Barwa, FGB, Qatar Islamic Bank
• Lead Arrangers: Ajman Bank, United Arab Bank
• Legal Advisers to Borrower: Holman Fenwick Willan
• Legal Adviser to Arrangers: Dentons
• Size: US$325mn
• Length: 5 years
• Use of Proceeds: To refinance existing facility and vendor loan repayments

Background
In April 2015 Noor Bank was mandated to lead a structured finance deal to help Stanford Marine Group refinance the Company’s existing facility with an upsize to repay the vendor loan. The final deal was completed by June 2015 – a tight deadline of less than two months – which was required in order to coincide with the repayment date of an existing facility. The deal was challenging for a number of reasons:

• management of mortgages in over 10 jurisdictions;
• repayment notices for the existing facility had to be served before syndication of the new deal;
• release and takeover of 31 shipping mortgages along with their registry within 24 hours; and,
• security release and takeover needed to occur on the same day as the disbursement.

Transaction Breakdown
Noor Bank, which ended up with a final hold of less than 15% on the facility, lead managed the structuring and underwrote the entire transaction, with the disbursement taking place at the end of June 2015. Barwa Bank, First Gulf Bank, and Qatar Islamic Bank were the mandated lead arrangers, and Ajman Bank, United Arab Bank also joined the deal as the Lead Arrangers. The deal was fully Shari’a compliant – successfully converting a dual-tranche conventional and Islamic facility into a single-tranche Shari’a compliant facility. “The deal was one of the first Islamic leveraged finance transactions in the region. Plus, requirement of hard underwriting made the deal even more challenging. This was in fact the largest single bank underwriting commitment given by Noor Bank since its inception. Besides various Islamic structuring and deal execution complexities, distribution of the transaction especially to the new set of banks was a task in itself. Given the various challenges, as a sole arranger we were able to successfully execute the transaction within a timeline of fewer than 60 days from the award of the mandate while ensuring we meet all of the Company’s objectives.” said Saadaat Yaqub Bajwa, Head of Wholesale Banking at Noor Bank, Dubai. The Winners’ Selection Committee said: “Stanford Marine’s Islamic syndicated structured finance facility set a new benchmark for structured finance in the region. Creative structuring enabled the borrower to access new pools of liquidity and successfully expand the number of its relationship banks.”

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GRANDWELD DELIVERS ONE DIVE MAINTENANCE & SUPPORT VESSEL “TAWAM1” TO Abu Dhabi National Oil Company [ADNOC]

Grandweld has announced the successful on time delivery of one new build 50 Meter Dive Maintenance & Support Vessel to Abu Dhabi National Oil Company (ADNOC) on the 3rd of November 2015.The vessel was part of a shipbuilding contract signed on 19th December 2013 to design, build & deliver one Dive Maintenance & Support Vessel.

The vessel will be operated by IRSHAD and utilized to serve the Dive and Maintenance Operations in the Abu Dhabi offshore oil fields. The new vessel can accommodate up to 30 crew, fitted with an integrated diving systems, designed to achieve 60 Tons Bollard Pull and speed of 13 knots. In addition, in order to support maintenance operations, the vessel is equipped with anchor handling equipment and offshore lifting crane of 35 Ton @ 7.5m capacity for handling gravity Anchors, Mooring Buoys and SBM hoses. Furthermore, the 50M DMSV is also equipped with external firefighting capability to class 1. The delivery of this vessel marks yet another fruitful collaboration between Grandweld and ADNOC.

GRANDWELD DELIVERS ONE DIVE MAINTENANCE & SUPPORT VESSEL “TAWAM1” TO Abu Dhabi National Oil Company [ADNOC] Read More »

Stanford Marine at the Seatrade Offshore Marine & Workboats ME Exhibition 2015

Grandweld Shipyards has successfully participated in Seatrade Offshore Marine and Workboats Exhibition at Abu Dhabi National Exhibition Centre, UAE from the 5-7 October 2015.

The event brings together decision makers and buyers from a geographic marketplace that includes the mighty African Continent, the growing Caspian Sea area, the Indian Subcontinent and the Middle East.

For the 2nd time Grandweld has been awarded the best marketing campaign certificate during the event. Seatrade Offshore Marine provides a great opportunity for delegates to discuss and share their ideas and knowledge to view the latest technologies and methods in Marine industry.

Middle East Seatrade Offshore Marine and Workboats Exhibition, 2015 was again a great success for Grandweld to participate and play an active role in this event.

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Strong Presence At Seatrade Offshore Marine 2015

Grandweld Shipyards has successfully participated in Seatrade Offshore Marine and Workboats Exhibition at Abu Dhabi National Exhibition Centre, UAE from the 5-7 October 2015.

The event brings together decision makers and buyers from a geographic marketplace that includes the mighty African Continent, the growing Caspian Sea area, the Indian Subcontinent and the Middle East.

For the 2nd time Grandweld has been awarded the best marketing campaign certificate during the event. Seatrade Offshore Marine provides a great opportunity for delegates to discuss and share their ideas and knowledge to view the latest technologies and methods in Marine industry.

Middle East Seatrade Offshore Marine and Workboats Exhibition, 2015 was again a great success for Grandweld to participate and play an active role in this event.

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Contract signing to build and deliver three 21.3 M Aluminum Crew Boats for INW

On the 9th September 2015, Grandweld Shipyards accomplished a significant milestone by signing a contract with International Naval Works to design, build and deliver three 21.3 M Aluminum Crew Boats. The 21.3 M vessels will be powered by 2 high speed marine diesel engines; each driving fixed pitch propellers through a reverse-reduction gearbox to produce a speed in excess of 21knots.. The vessels will be used for offshore transportation purposes and incorporates seating capacity for 18 offshore personnel with excellent seakeeping characteristics giving the personnel on board the vessel good comfort during transportation. Delivery of the three vessels will be in early 2016.

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The Addition of 2 Crew Boats to Stanford’s Fleet

Stanford Volga and Stanford Niger are the two additons to Stanford’s fleet. The 2 crew boats were built by our sister comany, Grandweld Shipyards, Stanford Volga was delivered in August 2015 and Stanford Niger in September 2015. The two 42M crew Boats have a speed of 25Knots and seating capacity of 83 persons, both vessels are committed with a medium to long term projects in Abu Dhabi.

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Two More Crew Boats Successfully Delivered To Global Marine

On August 2015, Grandweld Shipyards has completed the delivery of the two new builds Global Eagle and Global Arrow, 42 fast aluminum crew boats to Global Marine. The vessels are designed to reach a speed in excess of 25 knots, and features crew seating capacity of 69 persons, and 104 sqm loading area for over 85 Tonnes of deck cargo. The vessel is equipped with high end Navigational system according to the customer requirements.

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Grandweld Signs New Ship Building Contracts

Grandweld Shipyards has signed 4 new contracts to design, build and deliver four 42m aluminium Crew Boats for Global Marine.

The shipbuilding contracts were signed in July 2015 between Mr. Jamal Abki, Grandweld General Manager, and Mr. Shahram Nazemi, Global Marine Managing Director and the vessels will be delivered in the 2nd / 3rd quarters of 2016. The vessels will be delivered in accordance with the latest high-performance aluminium crew boat design developed by Grandweld Shipyards. The vessels will feature a crew seating capacity of 69 persons, a 104 sqm loading area for more than 85 Tons of deck cargo and will achieve a speed in excess of 25 knots. The vessels will in addition be equipped with high-end navigational equipment in accordance with customer requirements. . The 4 new contracts come after Grandweld’s recent delivery of four similar 42-meter crew boat vessels to Global Marine during 2nd and 3rd quarter of 2015.

Grandweld is pleased to receive repeat orders from Global Marine for this class of vessels.

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