ICEC

Egypt’s Maridive approves ADIB’s $225 million facility offer

Egypt’s Maridive and Oil Services (MOIL.CA), the biggest oil services company by fleet size in the Middle East, said Sunday its board of directors approved a $225 million credit facility from Abu Dhabi Islamic Bank (ADIB).

The Sharia’a-compliant credit facility will go for restructuring Maridive’s existing facilities as well as purchasing new naval units.

The interest rate per this loan is 4.5 percent, the firm said, adding that 55 percent of the loan would be paid over seven years, while the remaining 45 percent will be paid as lump sum by the end of the loan duration.

Maridive also intends to borrow $25 million to finance the operating capital, it added in a Sunday statement.

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