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2009 Aug 03

Waha Maritime takes delivery of first two vessels

2009-built AHT Waha I, Waha II vessels have been pre- chartered to an Abu Dhabi-based company
Abu Dhabi 3 August 2009: Waha Maritime, the maritime subsidiary of Waha Capital, the diversified Abu Dhabi-based ADX-listed holding company, announced today that it has taken the delivery of its first two Anchor Handling Tug (AHT) vessels.

The vessels were purchased by Waha Offshore Marine Services, Waha Maritime’s offshore support vessel owning and operating arm.

The first ship, Waha I, is a 48 meter long vessel powered with two Caterpillar engines of upto 5,150 brake horsepower (BHP). The second one, Waha II, is 38 meter long twin screw powered with 5,000 BHP Niigata engine. Both ships were built in Malaysia and will be technically managed by Stanford Marine, part of the GMMOS Group, which Waha Capital co-owns together with Abraaj Capital.

Salem Rashid Al Noaimi, CEO of Waha Capital, said, "With the delivery of its first two vessels, Waha Maritime marks a historical milestone in the company's operations. Both vessels have already been chartered to one of the leading companies in Abu Dhabi, highlighting the sustainable demand for such sophisticated, high power and versatile vessels in the region."

"The maritime sector is a key business area, which, bucking the global economic downturn, offers unique opportunities for companies, especially those operating in the regional oil and gas and logistics sectors. Waha Capital is keen to invest heavily in this vital sector, and the arrival of these ships bears testimony to our commitment in this field."

Waha Capital owns 49% in GMMOS Group, one of the major regional industrial groups specialized in providing maritime services for the Oil & Gas sector, ship repair, and crane leasing in the Gulf and Caspian Sea, sectors which are all witnessing high growth rates.

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