UAE's Gulf Capital buys stake in oil field firm

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Gulf Capital is buying a controlling stake in OCB Oilfield Services, which provides crews and logistics for oil rigs, to boost its exposure to the sector, the private equity firm said in a statement on Wednesday.

Gulf Capital, which has around US$1bn in assets under management and counts Credit Suisse among its investors, did not provide financial terms of the deal. The company's stake exceeds 51 percent but the specific figure was not provided.

Gulf Capital said the global market for offshore crew supply and linked services, outside North America, is more than US$1bn a year.

Dubai-based OCB, with operations in the Middle East, Asia, and Africa, serves about 20 percent of the roughly 35 to 40 significant offshore operators around the world, the firm said.

Oil and gas discoveries in East Africa and "further penetration in the Southeast Asia market... offer significant incremental growth upside," Gulf Capital said.

Last year, Gulf Capital's CEO said the firm expected to close three acquisitions in 2012 including in healthcare, oil and gas, and the food sectors.

Its bid to sell a 79-percent stake in Gulf Marine Services (GMS) for about $500 million collapsed last year, partly due to financing issues, sources told Reuters in June.

Gulf Capital's chief executive said at the time the firm was exploring a potential initial public offering (IPO) for GMS, one of the biggest assets in its portfolio, on a major stock market like London or Singapore in two years' time.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi king keeps close hand on oil in remodelling strategic team

Saudi king keeps close hand on oil in remodelling strategic team

King is clearly laying the ground for a generational shift in...

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Experts have put the vital industry on high alert as the threat...

Saudi Arabia adds to oil power with new refineries

Saudi Arabia adds to oil power with new refineries

Two state-of-the-art plants set to redefine Gulf kingdom's role...

Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 14
    Has Narendra Modi already lost the plot?

    Gaja - Anil is RIGHT this once! Modi stands for anarchy. Look at the way he is treating the minorities. Do you even for a second believe that he is innocent... more

    Sunday, 29 March 2015 1:42 PM - Ann
  • 9
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah