Noor Bank leads closing of Islamic financing for Stanford Marine
Dubai-headquartered offshore supply vessel company Stanford Marine Group (SMG) has secured a AED 1.2 billion ($326.7 million) Islamic syndicated structured finance facility arranged by Noor Bank. The transaction is one of the first fully Islamic-backed finance deals in the oilfield services sector. Other participating banks in the deal were: Barwa Bank, First Gulf Bank and Qatar Islamic Bank which acted as mandated lead arrangers, while Ajman Bank and United Arab Bank joined the deal as Lead Arrangers. Noor Bank PJSC also acted as Investment and Security Agent for the deal. The facility will be used to consolidate Stanford Marine Group’s existing conventional and Islamic facilities into a single tranche facility.
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