Gulf Capital has acquired a majority stake in OCB Oilfield Services FZCO (‘OCB’), an oil and gas industry crew supply and related logistics provider in the Middle East, South East Asia and Africa regions.
Gulf Capital has invested in a controlling stake exceeding 51% in OCB, which specializes in supplying rig crews to offshore oil and gas drilling companies in Saudi Arabia, Qatar and the UAE. This latest investment is part of Gulf Capital’s increasing focus on the offshore oil and gas industry.
“This strategic acquisition in an Oil & Gas services market leader, with significant prospects for growth organically and in new markets, is in line with Gulf Capital’s strategy of investing in market leaders in defensive and fast growing sectors in the region. OCB is the number one company when it comes to this niche market of outsourcing crew and providing logistics services to Oil & Gas drilling companies in the Middle East, South East Asia and Africa. It has grown rapidly in recent years, with an impressive list of clients. Its upward trend is expected to continue as offshore Oil & Gas drilling activities increase significantly in the future,” said Dr. Karim El Solh, chief executive officer of Gulf Capital.
The global market for offshore crew supply and related services (excluding North America) is estimated to be in excess of USD 1 billion annually. This includes crew supply to the different rig types; jack-ups, semi-submersibles, platforms, tenders, drillships, drillbarges and inland barges. In the Middle East, South East Asia and Africa region, the sector is expected to witness double digit growth over the next five years, in line with significant increases in offshore Oil & Gas production and capital expenditures.
Mr. Vaibhav Kanade, Founder and CEO of OCB, said: “I am excited at the prospects of the new partnership with Gulf Capital. As OCB embarks on an aggressive regional expansion, the funding and support of Gulf Capital will be instrumental in helping us achieve our ambitious regional growth plans. I look forward to Gulf Capital’s active participation on our Board and to its contribution to the company’s strategy, operational improvements, financing and regional expansion. Gulf Capital’s investment in OCB is a strong demonstration of the firm’s confidence in our operation, strategy and our future growth plans.”
