Bemo group announces $46M in private placements

File - BEMO bank building is seen in Beirut, Wednesday, Oct. 31, 2012. (The Daily Star/Mahmoud Kheir)

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.




Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (

comments powered by Disqus



Interested in knowing more about this story?

Click here