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Lamnalco bags $11 million loan

$11 million loan facility from Barclays Capital will allow the marine and offshore services company to invest in expansion and improvement of its fleet.

Barclays Capital, the investment banking division of the Barclays Group, has signed a US $11 million loan facility with the UAE’s Lamnalco Group.

Lamnalco, a harbour towage, marine and offshore services company, will use the money to finance fleet expansion. Specifically, the company plans to acquire two ‘Azimuth stern drive’ tanker berthing hugs and finance the company’s flagship vessel ‘KingFisher,’ a supply and training ship operating off the shores of Saudi Arabia.

“The oil, gas and marine industries are key to our regional business activities as they form an integral part of the Middle East economy,” said Vince Cook, managing director, Barclays Capital, Gulf.

“Barclays Capital offers market leading project finance facilities,” added Andrew Wilkinson, managing director, Lamnalco. “Its full range of treasury services and our previous co-operation were decisive selection factors.”

Lamnalco owns over 70 vessels and handles more than 300 tanker movements per year.

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