International Finance Corporation (IFC) is providing a loan of $12.75 million (Rs 70 crore) to JM Financial-backed Samson Maritime Ltd, an offshore logistics services provider to the oil & gas sector in India.
Samson will use the money to part-finance the purchase of a new anchor handling tug supply vessel (AHTS), which will be deployed under contract, along the coast of India. The vessel will start operating by September or October this year. The new AHTS is expected to cost around $17 million, which will be financed by the IFC loan of $12.75 million and internal accruals of $4.25 million.
Founded by Suresh Samant and Mohan Samant in 1994, Mumbai-based Samson Maritime provides anchor handling tug supply vessels, offshore supply vessels & platforms, SPM (single point mooring) maintenance vessels, diving support vessels and ocean-going tugs. Currently, the Samson Group has a fleet of 21 vessels which are deployed for offshore logistics support and supply services, SPM operations & maintenance, lighterage & harbour operations, and diving & salvage services.
The founders hold 81 per cent stake in the company while JM Financial and IFC hold 11.7 per cent and 7.3 per cent stake, respectively. The two financial investors together invested $14.02 million back in 2008.
(Edited by Sanghamitra Mandal)