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Bank Sohar and QNB jointly Sign $77.5m Syndicated Loan for DEI

Source: Oman Observer 6/14/2015, Location: Middle East

Bank Sohar, one of the most prominent banks within the Sultanate and QNB, “one of the world’s strongest banks” jointly announced the signing of a syndicated loan worth $ 77.5 million, for Dalma Energy International’s (DEI) oil drilling rig project. An event to commemorate the signing of the syndicated facility was held at Al Bustan Palace, a Ritz Carlton Hotel, Muscat on June 4, 2015.

The project oversees the construction of three 1500 HP drilling rig packages to be deployed by Dalma Energy with Saudi Aramco, KSA, while the supplier of the drilling rig is Shandong Kerui from China. The total facility requirement of $77.5 million has been achieved by the syndicated finance package provided by Bank Sohar and QNB. As per the terms of this deal, Bank Sohar is the Facility Agent, Onshore Account Bank, Onshore Security Agent as well as Custom Bond Guarantee Bank.

DEI is one of the largest operators of drilling rigs in Oman with business interests in Saudi Arabia and Algeria. Within the Sultanate, Dalma Energy has grown to operating 19 land rigs under contract with PDO positioning itself as the largest drilling contractor in Oman. Dalma Energy has created jobs for 1,669 staff in Oman, out of them 1,524 (91.3 per cent) are Omani.

Attending the event on behalf of Bank Sohar were. Rashad Ali al Musafir, Acting CEO, Sasi Kumar, DGM & Head Strategy and Corporate Banking, Jeanan S Sultan, Sr AGM Government Institutions and Project Finance and Syndication and Sanjeet Kumar Verma, Head of Project Finance and Syndication, together with Saad Musa al Jenaibi, General Manager — QNB Oman and Juma al Sulaimani, Act Head Corporate of QNB Oman. Representing Dalma Energy International were Shaikh Salah al Qahtani, Chairman, Fredric Young, CEO and Rajat Khurana, CFO.

Commenting on this strategic association, Rashad Ali al Musafir said, “This agreement marks yet another significant accomplishment for Bank Sohar. As a proud Omani bank, we are pleased to finance such a significant project. The syndication reinforces our capabilities and commitment to continually collaborate with local and international corporates towards supporting key strategic projects that contribute towards Oman’s economic growth and prosperity.”

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