GulfMark secures £125m refinancing deal

Published on Monday 21 December 2009 21:24

ROYAL Bank of Scotland has provided a £125 million refinance package to GulfMark Offshore as it anticipates a wave of deals in the oil and gas sector.

GulfMark has a significant presence in the North Sea, where it employs more than 600 of its 2,000 global workforce on 25 of its 92 vessels.

In July last year, GLF paid $550m (342m) to acquire Rigdon Marine Corporation, an operator of offshore supply vessels with a 28-strong fleet. GLF's own new-build programme is on course for completion in the second half of 2010

RBS has worked with GLF since the early 1990s. Derek Busby, regional director of RBS Corporate Banking in Aberdeen and the north of Scotland, said: "We are at various stages of advancement on other transactions, which could see us provide new debt to several companies over the next few months.

"The reasons driving the demand for debt are mixed, with some firms looking to invest in new assets, some requiring increased working capital facilities and others, like GLF, looking to refinance their existing bank debt."