Offshore vessel owner and shipbuilder Stanford Marine Group (SMG) is aiming for a new phase of growth after adding to its financial firepower and replacing its board of directors.
The Dubai company said it has secured a loan of $45m from the National Bank of Fujairah (NBF), maturing over five years.
The cash will be used to capitalise on expansion opportunities arising in the offshore support vessel sector, as well as to optimise the capital structure.
