Fast crew boat financing

Location:

Azerbaijan

Project number:

48157

Business sector:

Transport

Notice type:

Private

Environmental category:

B

Target board date:

06 Jul 2016

Status:

Complete

PSD disclosed:

20 Apr 2016

Translated version of this PSD: Azerbaijani

Project Description

A senior loan of up to US$ 20.4 million to Caspian Marine Services Limited ('CMS'), an offshore supply vessels operator in Azerbaijan.

Project Obejctives

The loan will be used to finance part of the acquisition costs of a new fast crew boat to be operated in territorial waters of the Caspian Sea.

Transition Impact

The transition impact is expected to come from:

  • More widespread private ownership in the sector dominated by the state-owned shipping company;
     
  • Demonstration of new services: the project will support a shift to fast crew boat transportation of staff to offshore platforms and contribute to energy efficiency.

The Client

CASPIAN MARINE SERVICES LTD

CMS is an oil & gas services company, which operates a fleet of offshore supply vessels in the Caspian Sea, mainly Azerbaijani territorial waters.

EBRD Finance

US$ 20,400,000.00

Project Cost

US$ 34,000,000.00

Environmental Impact

The Project is related the acquisition of a new build 150-people fast crew boat Rashid Behbudov and it’s overall environmental and social risks are limited and readily identifiable. The Environmental and Social due diligence has reviewed the overall operations of the Caspian Marine Services (CMS) and how the Company manages environmental, H&S and labour risks related to their activities. The information provided indicates that the Company operates a robust integrated quality, environment and H&S management system and has capacity to carry out the project in line with the Banks PRs.
 
The predicted impacts of the project are related to: emissions from vessel combustion engines; potential accidental spills of hazardous substances during fuelling activities; vessel maintenance; generation of waste; waste water generation (grey and black water); ballast water management; potential for release of CFC’s and halons from HVAC system;  H&S risks related to potential fire on board, falls from heights, drowning;  collisions with other vessels or onshore infrastructure; labour risks related to conditions of work, working hours and freedom of association.
 
There is no ESMP however an Environmental and Social Action Plan has been agreed with the Company and is focused on improvements to Company procedures in regards to supply chain management and resources efficiency initiatives.
 
The project is in compliance with the ESP and PIP through disclosure of PSD with relevant section summarising the potential environmental and social impacts and mitigation measures. Category B project do not require disclosure of Environmental and Social Actions Plans. The Company  has in place a grievance procedure for external parties, which is considered proportionate to the nature and scale of the project and its potential adverse impacts on the affected communities, the sensitivity of the environment and the level of public interest.

Technical Cooperation

None

Company Contact

Vugar Ramazanov
info@caspmarine.com
+994 12 464 1531
+994 12 464 1533
www.caspmarine.com
38 A, N.Aliyev street, Baku, Azerbaijan

 

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