Grup Servicii Petroliere (GSP) completes investment project worth over USD 44 million, with the support of EximBank

March 7, 2014

GSP UranusGSP has organized in partnership with EximBank an event to present the GSP Uranus offshore drilling unit – an investment project of more than USD 44 million, financed from the company’s own resources and funds from the bank. The event marked the completion of the upgrade and reclassification process of the rig, and took place at GSP Shipyard in Constanta Sud Agigea Port, bringing together government representatives, local authorities, business partners, and media representatives.

Traian Halalai, the President of EximBank declared: “The partnership EximBank has with Grup Servicii Petroliere is very important for us, and we are delighted to have managed to be once more part of an extensive project designed to support the development plans of one of the most important Romanian companies. We are witnesses of a 100% Romanian project, taking into consideration that both GSP and EximBank are entities with domestic capital. The project shows once more that EximBank has the capacity to support important projects in priority economic areas as the energy”. He added that EximBank involvement in this project consisted in an overall financing of USD 30 million for the acquisition and upgrade of the rig.

The upgrade and reclassification works involved a project team of approximately 400 Romanian professionals: naval fitters, welders, mechanics and electricians. The team was reinforced by naval engineering graduates in technologist and draftsman positions.

“Our development plans focus on both the expansion and modernization of our fleet, maintaining our company among the top players of the offshore oil and gas industry in the Black Sea, as well as accessing new markets. Presently, offshore drilling provides outstanding opportunities, and the completion of GSP Uranus project marks the first step towards achieving our targets. We do hope to continue the cooperation with EximBank, a first class business partner of Grup Servicii Petroliere,” said Gabriel Comănescu, President of the Board. GSP’s representative declared that this new investment sums up to the over EUR 1 billion invested in the first decade after the establishment of the company. 

EximBank is a specialized bank whose product portfolio focuses on financing, guarantee and insurance, allowing the bank to sustain the activities and development of traders, SMEs and companies that develop projects in focal areas for the development of the economy, especially those contributing to the absorption of the EU funds. According to preliminary financial data, the bank registered at the end of 2013 the net profit of approximately 50 million Romanian Lei, four times higher than in 2012, due to the boost of the commercial activities and efficient resources management. EximBank has increased the overall exposure by 30% over the previous year, to about five billion Lei, operating an extended network of units with 10% less staff. The bank has expanded over the last year its client portfolio concluding financial agreements with some of the most representative economy players, Grup Servicii Petroliere, Alro, Antibiotice Iaşi, Agricover IFN, Andrem Invest and Romcab included.

Further details:

Miruna Lebedencu;
miruna.lebedencu@eximbank.ro
 +40 21 405 30 90
www.eximbank.ro  

Grup Servicii Petroliere (GSP) provides integrated services to the offshore oil and gas industry in the following areas: drilling, offshore construction, hydro-technical construction, shipping, search and rescue services, oil spill recovery, and training. GSP operates a diversified fleet including seven mobile offshore drilling units, ten multipurpose vessels, three offshore construction vessels and two heavy lift crane barges. During the first decade since its establishment, the company carried out international projects in the Black and Mediterranean Seas, the North Sea, the Persian Gulf and the Gulf of Mexico, and the arctic areas. Among GSP’s Client companies there are OMV Petrom, Exxon Mobil, Gazprom, TPAO, PEMEX, Petroceltic, and Winteshall.

Further details:
Diana Lalu
public.relations@gspoffshore.com
 +40 21 308 02 00
 
www.gspoffshore.com