Zakher Marine secures Chinese financing for newbuild liftboats

UAE-based Zakher Marine International has completed a $125m financing deal with China Export and Credit Insurance Corporation (Sinosure), the official export credit agency of China, for two newbuild liftboats.

The two liftboats, QMS Sentinel and QMS Gladiator, were both built by CSIC-affiliated Wuhan Marine Machinery Plant and delivered to Zakher Marine last year.

“This transaction is a first of its kind in the region, paving the way for a long relationship with our financing partners locally and internationally,” said Ramzi Al-Sewaidi, head of strategic projects at Zakher Marine.

The financing is backed by Sinosure and HSBC acted as sole ECA Coordinator, and the transaction also included Mashreq Bank and Bank of Communications.