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    New funds will help Gulmar Offshore complete newbuilds

    Vessel & ROV News // December 31, 2010

    Brokers have confirmed that Sharjah-based offshore contractor Gulmar Offshore has received a cash investment of more than US$100 million from international long-term investor Oaktree Capital Management.

    Under the terms of the deal Oaktree has acquired a majority stake in Gulmar.

    Seabrokers said the cash injection will help finance two newbuild DSVs Gulmar Atlantis and Gulmar Da Vinci, which are nearing completion at the Hanjin Shipyard in the Philippines.

    The two DP2 vessels with 18-man, 300m rated diving systems were ordered at the top of the market for a reported US$150 million each.

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