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.

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!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai's smart palm tree technology revealed

Dubai's smart palm tree technology revealed

Smart Palms harness the sun's energy to allow people to look...

Decision time looms for Saudi on nuclear power?

Decision time looms for Saudi on nuclear power?

As other countries push ahead with their plans for conventional...

With crude at $50, oil firms fear deeper crisis than in 1980s

With crude at $50, oil firms fear deeper crisis than in 1980s

After slashing spending by $180 billion to deal with one of the...

Most Popular
Most Discussed