Gulf Capital has announced that it is to buy a controlling stake in OCB Oilfield Services, which provides crew and logistics for oil rigs, to boost its exposure to the sector
According to Reuters, Gulf Capital, which has approximately US$1bn in assets and counts Credit Suisse among its investors, did not provide financial terms of the deal but its stake in OCB will reportedly exceed 51 per cent.
OCB, which is based in Dubai and has operations in the Middle East, Asia and Africa, serves about 20 per cent of the offshore operators around the world.
Gulf Capital said it made the move due to the increasing global market for offshore crew supply and linked services, which is currently worth more than US$1bn a year. The company also cited the significant incremental value of oil and gas discoveries in the East African and Southeast Asian markets as additional reasons for the move.
