Emirates Development Bank (EDB) on Monday announced the closure of an AED165 million ($44.92 million) revolving credit facility, co-arranged with First Abu Dhabi Bank (FAB) to Lamprell Energy Ltd, a provider of services to the international energy sector, media reports said.
The bespoke credit facility additionally benefited from the comprehensive trade credit solutions provided by Etihad Credit Insurance (ECI), the UAE Federal export credit company, the reports said.
The facility is in line with EDB’s strategy to support large corporates operating in priority sectors and enhance their contribution to the UAE’s industrial sector.
The loan will be utilized to support Lamprell in delivering two new build jack-up rigs for IMI which are currently under construction at the Group’s Hamriyah Free Zone, Sharjah yard.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, commented, “This transaction with First Abu Dhabi Bank and Lamprell demonstrates our commitment to offer revolving trade finance facilities to large multinational corporates in the UAE”.
Christopher McDonald, Chief Executive Officer of Lamprell, said, “We are delighted to sign initial working capital facilities for the two IMI rigs and are proud of the support from our key relationship banks, and ECI in the current volatile macro environment.”