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2010 Oct 27

Middle East Offshore Oil & Gas Spending to Reach USD15 Billion in 2012

Abu Dhabi, 27 October 2010: Annual capital expenditures on offshore hydrocarbon exploration and production in the Middle East could reach US$15 billion by 2012, Mustapha Boussaid, Director of Maritime Investments at Waha Capital, said Wednesday during a presentation at Seatrade Middle East Maritime 2010 in Dubai.

As well, Boussaid said offshore exploration and production (E&P) in the region is expected to grow 10% annually in 2011 and 2012, during his comments on growth prospects for the offshore supply vessel (OSV) industry. He said that speculative ordering during 2007-2008 in the OSV sector, which serves companies engaged in offshore oil and gas E&P, has put pressure on the OSV industry. As a result, although the OSV sector usually grows in line with E&P growth, the large supply of OSV vessels coming on the market means sector growth will be just 3-4% over the next few years.

In addition to Boussaid’s participation in the conference session entitled “The Expanding Middle East Fleet”, Waha Maritime also is participating in the accompanying exhibition, at stand E7, located in Hall 5 at the Dubai International Convention Centre.

“Waha Maritime represents a key pillar in the diversification strategy of Waha Capital, and embodies our commitment as a company to add economic and intellectual value to the Emirate, especially with Waha Maritime’s strong and growing presence in an industry of such crucial significance to the Emirate’s wider economy,” said Salem Rashid Al Noaimi, CEO of Waha Capital.

Waha Maritime was established in 2008 and primarily invests in the Middle East region. Operating through two investments – Waha Offshore Marine Services and the GMMOS Group – Waha Maritime has more than US$450 million in assets under management, a fleet of 45 vessels (including an order book of 10 vessels) and a shipyard with a US$160 million order book.

“Despite softness in the next year or two, in the medium and long term, prospects for our industry are bright, as a number of factors -- including strong long-term global oil demand and a growing share of global oil exploration and production happening offshore – provide strong fundamentals to this industry,” Boussaid said.

Waha Offshore Marine Services is an OSV owner and operator launched in 2009 and based in Abu Dhabi. It is focused on OSVs suitable for the Middle East market. It has a growing fleet serving a number of companies, including some of Abu Dhabi’s major oil & gas players. GMMOS Group is based in Dubai and operates four subsidiaries: Grandweld in shipbuilding, Stanford in ship chartering, Fabrication in fabrication of pressure vessels and Gallagher in crane rentals.

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