Oaktree Capital takes majority stake in Gulmar Offshore

Sharjah, U.A.E., based Gulmar Offshore says that it has received a substantial cash investment of more than $100 million from Oaktree Capital Management. This development significantly strengthens Gulmar's balance sheet and working capital capabilities, underpinning the further expansion of its sub-sea contracting operations.

Los Angeles headquartered Oaktree Capital Management has more than $75 billion of assets under management. Through this deal, it has acquired a majority stake in Gulmar, Earlier in 2010, Oaktree also invested in heavy lift shipping specialist Beluga.

Gulmar, which provides engineering, construction, marine and diving services to the offshore oil and gas industry,is expecting to take delivery of two newbuild vessels: the Gulmar Atlantis in Q4 2010 and the Gulmar Da Vinci in Q1 2011. These latest generation DPII Ð DNV Class Diving/ROV Support Vessels have state of the art capabilities including an 18 man 300m rated diving system with twin diving bells and twin hyperbaric lifeboats, 140t AHC crane with capacity of 2500m hook depth with 70t load. These vessels will complement Gulmar's existing fleet of four DSV and accommodation vessels.