BEIRUT: Bemo Securitization SAL and Bemo Saudi Fransi Finance closed two private placements of debt for Sakson Group, for $21 million and $25 million respectively.
“In this deal, the Bemo Group team managed to deliver the financing in a very short period of time, hence allowing our client to successfully acquire the rigs in the timeline dictated by the tenders,” BSEC General Manager Ronald Yazbeck said in a statement Friday. “We are proud to have set our flag in two new geographies, and we hope many other countries will follow.”
The placement, which was completed on March 16, was announced Friday. BSEC and BSFF acted as joint arrangers and placement agents on the two transactions, which were placed with three Lebanese lenders.
The proceeds of the two offerings will be used by the Egypt-based Sakson Group to purchase two new 2000 HP land drilling rigs to be deployed in Algeria and Kurdistan on multiyear contracts with two of the leading oil and gas multinationals in the world.
Established in 2006, Sakson Group is a regional provider of petroleum services with operations in Iraq, Algeria, Egypt, Kenya, Turkmenistan and Ethiopia among others. The group offers an integrated bundle of services in drilling, coiled tubing, reservoir stimulation services and pipeline process services as well as the supply of oil field products.
With this expansion, Sakson Group will be operating 10 drilling rigs deployed throughout the Middle East, Africa and Central Asia.
A version of this article appeared in the print edition of The Daily Star on April 05, 2014, on page 4.