Gulf Marine Maintenance and Offshore Service Co (GMMOS), parent company of offshore support fleet (OSV) provider, Stanford Marine, and Dubai based shipbuilding and repair company, Grandweld, has issued a $60m convertible loan to fund further expansion of its offshore marine business Stanford Marine.
The firm has undertaken a series of expansion efforts since its acquisition by Abraaj Capital in 2007, having added 16 new vessels to its fleet. In 2009, the group also established a presence in South East Asia with an office in Singapore.