Waha Capital Annual Report 2015

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Stanford Marine Group (SMG)

Waha Capital owns a 49% stake in Abraaj Aqua SPV (AASPV) – an ultimate parent company of Stanford Marine Group, which owns 100% of Grandweld and Gallagher – with the remaining 51% owned by Abraaj Capital.

Stanford Marine Group (SMG) is a Dubai-based company that owns and operates offshore support vessels (OSVs) for the oil and gas industry, primarily in the Middle East, South East Asia and Africa. The company also offers shipbuilding and ship repair and maintenance services through its subsidiary, Grandweld. SMG’s clients include BG Group, McDermott, ZADCO, Occidental Petroleum of Qatar, Dubai Petroleum, Maersk Oil of Qatar, Abu Dhabi National Oil Company, Total, Abu Dhabi Ports Company, Kuwaiti Oil Tanker Company, Kuwait Oil Company, Halul Offshore, Bourbon, National Marine Dredging Company, and Zamil Offshore. Waha Capital owns a 45% equity interest in SMG. Since acquisition, SMG grew its fleet of Offshore Supply Vessels (OSVs) in operation from 21 in 2008 to 40 as at 31 December 2015.

SMG is one of the UAE’s leading offshore support businesses with interests in vessel ownership and operation and shipbuilding and repair. SMG’s chartering business – Stanford Marine – generates circa 90% of SMG’s total EBITDA. The business owns and manages a diverse fleet of crew boats, anchor handlers and platform supply vessels operating across multiple geographies.

During the year ended 31 December 2015, AASPV achieved the following:

  • Maintained a fleet of 40 owned Offshore Supply Vessels (OSVs) in operation. SMG’s owned fleet comprises 12 platform supply vessels, 11 anchor handling tug and anchor handling tug supply vessels, 15 crew/utility supply vessels, and 2 workboats with an average utilisation of 86.2% and average age of 8.1 years (arithmetic) or 5.8 years (value weighted).
  • Delivered 15 ships and completed 561 repair and maintenance jobs.
  • For the year ended 31 December 2015, AASPV has generated Gross Revenue of AED 1,018.7 million. The carrying value of our investment in AASPV is AED 142.5 million which represents 1.5% of the Group’s total assets.