Abu Dhabi - Mubasher: Emirates Development Bank (EDB) and First Abu Dhabi Bank (FAB) will grant an AED 165 million revolving credit facility to Lamprell Energy, a service provider to the international energy sector, the Emirates News Agency (WAM) reported.
The credit facility will enable Lamprell to deliver two offshore jack-up rigs, being built by IMI at the Group’s Hamriyah Free Zone in Sharjah yard.
In line with EDB's strategy to support companies operating in key sectors, the facility will benefit from the comprehensive trade credit solutions offered by Etihad Credit Insurance (ECI), the UAE Federal export credit company.
The CEO of Emirates Development Bank, Ahmed Mohamed Al Naqbi, commented: "As part of our strategic roadmap unveiled earlier this year, we provide increased access to financial solutions to the corporates, and this facility will help us play a bigger role in catalysing investment flows, thereby contributing to the growth of the UAE’s economy across sectors."
Meanwhile, the CEO of Lamprell, Christopher McDonald, said: "Lamprell has been successful in transforming its business over the past few years, making a timely diversification into renewables and digital ventures, and we are confident the new funding will strengthen our balance sheet and assist us in accessing the growth in both our addressable markets of renewables and oil and gas."
