Apr 19, 2018

TAQA raises $1.75 billion from two-tranche bond issue

Middle East
Andrew Woods
2 min
Abu Dhabi National Energy Company – or TAQA – has raised US$1.75 billion in a two-tranche dollar denominated bond issue that was 4.7 time...

Abu Dhabi National Energy Company – or TAQA – has raised US$1.75 billion in a two-tranche dollar denominated bond issue that was 4.7 times oversubscribed.

The two tranches consisted of bonds with maturities of seven years with a coupon of 4.375%, and bonds with maturities of 12 years with a coupon of 4.875%. The proceeds from the issue will be used to refinance existing debt.

Citi and HSBC acted as the global coordinators for the bond issue. The joint lead managers were Citi, First Abu Dhabi Bank, HSBC, ING, Mizuho, Scotiabank and SMBC Nikko. The bonds will be traded on the London Stock Exchange and are expected to be rated A3 by Moody’s and A by Fitch.

SEE ALSO:

In February the Abu Dhabi based company, which operates in 11 countries, reported a $46.56 million profit in 2017 thanks to higher energy prices and cost cuts that helped it recover from its record $5.17 billion loss in 2016.

The firm has oil-producing assets in Canada and a majority stake in the Atrush field in the northern Kurdistan region of Iraq, from where it started oil production last July.

Mohammed Al Ahbabi, Acting Chief Financial Officer said: “We have seen robust demand from investors for this bond issuance. The company is focused on prudent financial management while we pursue a strategy of value creation across our two business streams.”

Share article

May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.

The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.

The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.

Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.

Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.

The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.

Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".

"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.

Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.

"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."

 

Share article