| GulfCap Group entered into an agreement with Aabar Petroleum
Investments Company (UAE) for the acquisition of its Oman headquartered,
wholly owned drilling services subsidiary, Dalma Energy LLC
for USD 446 million through a competitive bidding process. GulfCap
also arranged the financing of USD 340 million from a well renowned
international bank for the Dalma Energy.
The ownership of Dalma Energy LLC and its subsidiary has
now been transferred to Al-Qahtani Investments LLC (AQI).
Aabar, listed on the Abu Dhabi stock exchange, and Dalma’s
previous holding company signed an SPA with GulfCap Group
Limited on 29th July 2007. GulfCap has subsequently signed
an agreement with AQI novating the original agreement. The
acquisition of Dalma was completed during the first week of
January 2008.
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