EBRD funds Circle Maritime Invest anchor handlersVessel & ROV News // August 2, 2017
The European Bank for Reconstruction & Development (EBRD) has agreed to provide a six-year secured loan to Circle Maritime Invest to support the acquisition of two secondhand offshore support vessels.
The financing will be used for the acquisition of two anchor handling tug supply vessels which will be chartered by Dragon Oil Turkmenistan Ltd and be employed for an initial charter period in the Turkmenistan sector of the Caspian Sea in connection with the development of the Cheleken oilfield.
Currently the company predominantly operates in the Kazakhstan sector of the Caspian. The project will support to the Company's expansion in Turkmenistan.
Circle Maritime Invest, an existing client of the EBRD, is a privately-owned joint stock company registered in Kazakhstan and operating a fleet of offshore support vessels in the Caspian Sea, predominantly in the Kazakhstan sector. The company provides transportation and logistics services mostly to oil and gas companies engaged in oil development projects in Kazakhstan.
The EBRD said the project involves provision of a loan to the company to finance up to 70 per cent of the acquisition and delivery costs of the anchor handlers.