Muscat—Dentons advised Bank Sohar as agent bank on a US$77.5 million syndicated facility to Dalma Energy International. Both Bank Sohar and Qatar National Bank (QNB), Oman Branch were lenders to Dalma on this transaction. The financing package involved both term loan facilities and custom bond guarantee facilities to assist in the purchase of three state-of-the-art oil rigs from Kerui Petroleum Equipment Co Limited based in China. The rigs will ultimately be in operation for use on a Saudi Aramco project.

This is another significant financing for the Dalma Energy Group, one of the largest land drilling rig owner and operators in the Middle East and North Africa, and will assist in expanding the capacity of the oil and gas sector in Oman and across the region. This transaction was celebrated at a signing ceremony on Thursday, 4 June at the Al Bustan Ritz-Carlton Hotel in Muscat.

Dentons Banking and Finance Partner in Muscat, Sadaf Buchanan, commented, "We are delighted to have supported Bank Sohar and QNB on this significant financing. It demonstrates the dedication of all parties involved in the region's oil and gas sector."

Acting CEO, Rashad Al Musafir of Bank Sohar, commented, "This transaction marks yet another significant accomplishment for Bank Sohar and we are pleased to finance such a significant project. The syndication reinforces our capabilities and commitment to continually collaborate with local and international corporates towards supporting projects that contribute towards Oman’s economic growth and prosperity. We are happy to have worked with the different parties and stakeholders in this transaction."

The Dentons Muscat team was led by Partner Sadaf Buchanan working with Associates, Fatma Al Rashdi and Senior Associate Justine Harding. UAE law advice was led by Partner Udayan Mukherjee. Two offices worked together in bringing this transaction to a successful conclusion for the lenders.

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