Emirati unit of Egypt-listed Maridive sells $40 mln marine asset

Ahram Online , Sunday 21 Jan 2024

Egypt-listed Maridive and Oil Services announced that its subsidiary Ocean Marine UAE is finalizing a deal to sell a $40 million marine unit to settle a part of a $45.5 million debt to banks, according to a bourse statement on Sunday.

Maridive   Oil Services
Maridive Oil Services vessel. Company s website.


Maridive owns 51 percent of Ocean Marine UAE, which specialises in offshore support vessels, providing commercial activities and maritime services.

The recent deal comes in line with Maridive Group’s “extended efforts to restructure the company and subsidiaries’ debts position to improve company current and future cash flow,” said the bourse statement.

Maridve and Oil Services is owned by a group of Egyptian, Emirati, and American investors.

A member of the Egyptian Maridive Group, Maridve and Oil Services was established in 1978 in Port Said as a Free Zone Joint Stock company. The services company has an integrated business model which covers the whole value chain of marine services, providing a wide range of offshore services.

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