Gulf Capital targets offshore oil

In a move to further bolster its position in the region's expanding offshore oil exploration and production sector, Gulf Capital, an Abu Dhabi-based private equity firm, has acquired, along with other co-investors, the remaining 50% shares in Gulf Marine Services (GMS), the largest jack-up barge and support vessel operating company in the UAE.

Other co-investors in the transaction include Al Bateen Investments, Horizon Energy and Maritime Industrial Services (MIS).

"By buying the remaining shares, we now own 100% of GMS and are able to shape the destiny of the company... It is my deep belief that the nascent regional private equity industry will increasingly emulate such transactions, graduating from minority investments to majority control buy-outs," Dr Karim El Solh, Gulf Capital's CEO said in a statement.

According to Wassim Assaad, a principal at Gulf Capital, the current and forecasted strong demand for oil and gas has put pressure on national and international oil companies to boost offshore exploration and production activities.

"It is estimated that $55 billion will be invested in this sector in the Middle East over the next five years," he said.

"This will lead to a significant increase in offshore drilling activities which will require significant well maintenance and intervention programs - the core business of GMS."

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