GMMOS Secures $100 Million Term Loan Facility to Fund Acquisitions in the Offshore Supply Vessel Sector

DUBAI, UAE, December 14 - Abraaj Capital and Waha Capital backed Gulf Marine Maintenance
and Offshore Service Company ("GMMOS"), a leading United Arab Emirates based
provider of marine services to the offshore oil & gas industry, has secured a
US$100 million term loan facility from Standard Chartered Bank, Abu Dhabi
Commercial Bank, Credit Suisse and Deutsche Bank to refinance existing debt
and fund acquisitions in the offshore supply vessel (OSV) sector, with a
focus on the GCC and South East Asia markets.

The acquisitions are expected to lead to a significant
increase in Group profitability and asset base, with the Group's current
fleet increasing from 28 OSVs to 34 OSVs by the end of 2009. A number of the
new vessels to be acquired operate on a term charter basis in South East
Asia, supplementing the group's current activities in the GCC and India and
further expanding the Group's client base. As a result of the acquisitions,
GMMOS Group fleet age is estimated to be well below the average age in the
sector.

The acquisitions are consistent with the shareholders'
strategy to expand and enhance the GMMOS offshore OSV fleet and chartering
capabilities increasing its scale and transforming GMMOS into one of the
largest fleet owner operators in the MENASA region.

About GMMOS Group: GMMOS Group is comprised of four
well-established business divisions centered on two main activities: Marine
and Engineering. In Marine, GMMOS activities include Stanford Marine, a
prominent Offshore Supply Vessel (OSV) charter operator in the Gulf currently
expanding in South East Asia and India, and Grandweld, the leader in
shipbuilding and ship repair in the Gulf focusing on the OSV segment. The
company's Engineering activities include GMMOS Fabrication, an oil and gas
specialized steel fabricator of pressure vessels and skid modules with
operations in the UAE and Kazakhstan; and Gallagher, one of the largest
mobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabi
markets. For additional information, please visit www.gmmosgroup.com.
GMMOS is 51 per cent owned by a Fund managed by Dubai-based Abraaj Capital
and the remainder by Abu Dhabi-listed Waha Capital.

About Abraaj Capital Group: Abraaj Capital is the Middle East's largest
private equity group, and invests in the growing Middle East, North Africa
and South Asia (MENASA) region. Since inception in 2002, it has raised about
US$ 7 billion and distributed almost US$ 3 billion to investors. The group
has made more than 35 investments in 11 countries and exited 20. Based in
Dubai, the group operates offices in five countries, including Saudi Arabia,
Egypt and Turkey. More than 150 world-class professionals work for the group
from 27 different nationalities. Funds managed by the Abraaj group have
holdings in some of the region's most prominent companies, such as Air
Arabia, the region's largest low-cost carrier; Acibadem Healthcare Group,
Turkey's biggest privately owned operator of premium hospitals; and Al Borg
Laboratory, the Middle East's biggest medical laboratory-testing company. The
Abraaj group companies have won several international awards. Private Equity
International magazine named it 'Middle Eastern Private Equity Firm of the
Year' four years running. Abraaj Capital Ltd., a member of the Abraaj group,
is licensed by the Dubai Financial Services Authority, which operates
according to international regulatory standards. The group is an associate
member of the European Venture Capital Association and a member of the
Emerging Markets Private Equity Association. For more information please
visit www.abraaj.com

About Waha Capital: Waha Capital PJSC is Abu Dhabi-based and
Abu Dhabi Securities Exchange-listed diversified investments holding company,
which was created by restructuring Oasis International Leasing Company PJSC
in February 2008. Waha Capital has adopted a clear vision and strategy to
drive multi-sector business growth and diversification through acquisitions,
joint ventures and creation of new business. Its current business portfolio
includes big-ticket leasing, financial services, maritime and property
development. Waha Capital's main institutional shareholders are Mubadala
Development Company and Abu Dhabi Investment Company. In pursuing its vision
and strategy as a diversified investment holding company, Waha Capital aims
to be a world-class organization that will take the lead in implementing best
practices and governance, and to position itself as a partner of choice in
the UAE and Middle East for regional and global businesses. For more
information please visit www.wahacapital.ae

    For further information, please contact:

    Neil Corbasson
    Group Vice President-Business Development
    GMMOS Group
    Email: neil@gmmos.com
    Tel: +971-4-880-3637
    Fax: +971-4-880-3647

For further information, please contact: Neil Corbasson, Group Vice President-Business Development, GMMOS Group, Email: neil at gmmos.com, Tel: +971-4-880-3637, Fax: +971-4-880-3647