KCADeutag secures further $45mn in project financing from Oman Arab Bank

  • Date: 05-May-2024
  • Source: Times of Oman
  • Sector:Real Estate
  • Country:Oman
  • Who else needs to know?

KCADeutag secures further $45mn in project financing from Oman Arab Bank

Muscat: KCADeutag, a leading drilling, engineering, and technology partner based in the United Kingdom has secured an additional $45 million of project financing from Oman Arab Bank (OAB). This builds upon the previous $45 million acquired in 2023.

The total funding package of $90 million supports the construction of four highly automated new build rigs, the first to be constructed in Oman. As previously announced, KCADeutag will own and operate the rigs having secured ten-year contracts.

The first two rigs have been completed and commenced operations at the beginning of the year, while the construction of the remaining two rigs is underway and is expected to be completed in 2024. The project financing will be repaid over 10 years following completion.

Sulaiman Al Harthi, Chief Executive Officer at OAB, commented: “This project strengthens our relationship with a key industry player in the world and demonstrates our commitment to financing high-value projects that drive economic progress. It also underscores our belief in the power of partnerships and collaboration, enabling us to deliver solutions that not only meet our client's evolving needs but also drive mutual value creation.

Sulaiman Al Hinai, Chief Wholesale Banking Officer at OAB, added: “We take great pride in onboarding KCADeutag with