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Halul Offshore secures QR220mn, 8-year ship financing from SMBC Halul Offshore Services Company, a wholly-owned subsidiary of Milaha (Qatar Navigation), has secured an eight-year $60mn (QR220mn) ship financing from Sumitomo Mitsui Banking Corporation (SMBC). The financing was arranged by Milaha Capital, another wholly-owned Milaha subsidiary which provides corporate finance advisory services to the group as part of its mandate. SMBC is acting as mandated lead arranger, facility agent, security agent and hedging bank. The financing agreement was signed by Sheikh Ali bin Jassim bin Mohamed al-Thani, chairman and managing director of Milaha; and Phillippe Devos, CEO of SMBC Dohas QFC Office. The company will continue to expand its fleet capacity and with this facility, we will be in a stronger position to compete with other industry majors, Sheikh Ali said. Highlighting the commitment of SMBC group to supporting the Qatari shipping and offshore industries, Stanislas Roger, global head of shipping at SMBC, said, We look forward to continue working closely with Milaha on the financing of key investment projects. Ismail al-Emadi, executive vice president for offshore at Milaha said, Over the coming years, we intend to expand our offshore services segment in the region and beyond and this facility significantly enhances the ability to execute our strategy. Halul, which has strong capital expenditure plans for the coming years, is planning to acquire several new vessels including diving support vessels, anchor handling tugs, construction vessels and well-head maintenance/wireline support vessels.Halul acquired two vessels in 2010 and three in 2011 and early 2012. It is looking to add two more vessels to its fleet in 2012, a spokesman said.

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Halul Offshore secures QR220mn, 8-year ship financing from SMBC