Arab Petroleum Investments Corporation (APICORP), an investment company focused on the energy sector in the Arab world, and a consortium of banks including HSBC, Emirates NBD and Al Hilal Bank have signed $200mn refinancing arrangement with National Petroleum Services Group (NPS).
The refinancing includes a $150mn fixed rate Islamic facility and a working capital facility of $50mn and will be used by NPS to restructure its existing debt and working capital facilities.
NPS is one of the largest regionally owned oil and gas providers in the Middle East delivering drilling, customised well services and support to customers across the MENA and Southeast Asia.
Its operations include well services, wireline logging, well testing, and integrated drilling. NPS employs around 1,500 people and operates in 12 countries.
In April 2014, the company was acquired by a consortium of investors led by Fajr Capital, and comprising APICORP, Waha Capital and other regional institutional investors.
Commenting on the deal, Ahmad Al-Nuaimi, CEO of APICORP, said: “We are delighted to have played a significant role in financing the growth plans of NPS, which is an international market leader in the oil and gas servicing sector.
“APICORP has considerable experience, gained over 40 years, in providing equity and debt financing to companies operating in the energy sector, including some of the world’s largest businesses.
“We have a substantial balance sheet and a quality loan book of around $ 3 billion, all of which is dedicated to the energy sector.”
Adnan Ghabris, CEO of NPS Group, added: “Through this financing deal, NPS will raise additional resources to fund its continued growth.”
