Translated version of this PSD: Russian
Project Description
The USD 21 million loan will be provided for 5 years to enable CMI Offshore Ltd (the "Company") to continue its growth programme in Turkmenistan and Kazakhstan.
Project Objectives
The Bank's loan will be used to support the Company in balance sheet restructuring and in acquiring new vessels.
Transition Impact
The transition impact of the project will focus on supporting private foreign direct investments, skill transfers and environmental impact.
Client Information
CMI OFFSHORE LTD
CMI Offshore provides marine and logistics services to offshore oil and maritime sectors in the Caspian Sea region.
EBRD Finance Summary
USD 21,000,000.00
Total Project Cost
USD 21,000,000.00
Environmental and Social Summary
Categorised B (2014 ESP). The Project involves provision of a loan to the Company for the acquisition of an existing Anchor Handling Tug Supply (AHTS) vessel, which is currently being operated by the Company under a hire-purchase contract. The Project will thus not result in any additional environmental or social impacts compared with the current situation.
The Company provides maritime logistic and support services and operates a fleet of Anchor Handling Tug Supply / Platform Supply Vessel (AHTS/PSV) units, Standby / Rescue vessels, tugs, crew boats, passenger ferries, barges and survey / diving ships. The Company has been awarded contracts to provide maritime logistic and support services to offshore oil developments in the Caspian Sea. However, CMI Offshore is not directly involved in the exploration or extraction of oil or gas and its vessels do not transport significant quantities of oil, gas or other hazardous materials, and its services to offshore oil developments include, among others, emergency response and recovery support and oil spill containment and response in the event of any offshore emergency.
As part of the Bank's environmental and social due diligence (ESDD) for the Project, an independent environmental and social audit of the Company, its vessels and operations against the EBRD's Environmental and Social Performance Requirements and international maritime safety and environmental regulations and standards, including the International Convention for the Prevention of Pollution from Ships (MARPOL) and other relevant International Maritime Organization (IMO) conventions was carried out. The ESDD showed that the Company's fleet complies with applicable international maritime safety and environmental standards and requirements. The Company has certified ISO 9001:2008, OHSAS 18001:2007 and ISO 14001:2004 management systems, which include establishing safeguards against all identified risks, evaluating audit results, analysing the cause of non-conformances and reviewing the effectiveness of corrective actions. The ESDD confirmed that the Company operates its vessels within established and controlled navigation routes. Some of the existing navigation channels in the Caspian Sea pass through or along the borders of existing marine protection areas, for example, the navigation channel to/ from Turkmenbashi port goes partially inside Hazar Nature Reserve, an internationally protected wetland under the RAMSAR Convention. The Administration of the Hazar State Nature Reserve has confirmed that the operations of the Company's vessels servicing the objects offshore do not represent a threat to the Reserve's flora and fauna.
CMI Offshore has a sound safety and operational track record and it is compliant with the International Safety Management (ISM) Code and the International Ship and Port Facility Security (ISPS) Code. The Company is committed to high level of quality, safety, reliability, customer service and environmental responsibility and provides its customers with the emergency rescue, response and recovery support in the event of any offshore emergency. The Project financing will also include a covenant for CMI Offshore to obtain and maintain environmental and safety certifications and
comply with IMO conventions for new vessels during the project lifespan.
The Bank will be monitoring the environmental and social performance of the project through annual reporting and monitoring visits if necessary.
Technical Cooperation
None.
Company Contact Information
Nadiya Isikova
nadiya@cmioffshore.com
+302108034334
http://cmioffshore.com/
34, Agiassou Vrilissia, 152 35 Greece
Business opportunities
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