MENAdrill Investment signs USD 130mn Murabaha facility.

By bne IntelliNews March 9, 2012
MENAdrill Investment Company (MIC) has signed an agreement to obtain a USD 130mn three-year limited recourse Islamic financing facility Murabaha, Gulf Daily News reported. Bahrain's Gulf International Bank (GIB) was the mandated lead arranger and investment agent for the Murabaha facility with GIB and FEB as joint participants in the financing. MIC is an oil and gas drilling services unit launched by Bahrain-based Islamic investment firm First Energy Bank (FEB) and incorporated in the Cayman Islands. The company will use the proceeds to partially finance its first rig MENAdrill I, which has been in operation in the Gulf of Mexico since May 2011 under a contract with Mexican state-owned oil and gas company PEMEX.

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