Translated version of this PSD: Arabic
EBRD is considering a loan of up to USD 50 million to Maridive and Oil Services ("Maridive"), a joint stock company incorporated in the Arab Republic of Egypt.
The Project will support the modernisation programme of the company's fleet via partially financing the purchase of one offshore support vessel, partial refinancing of its existing debt as well as supporting the company's working capital needs.
The Project will support corporate governance improvements and will include the introduction of IFRS reporting.
Furthermore, the Company will develop and implement an Integrated Management System, which will include developing and implementing a Quality Management System, an Environmental Management System and an Occupational Health & Safety Management System.
Maridive will also obtain ISO 50001 certification, which provides a framework for energy management and comply with the EU Directive for Offshore Safety in oil and gas operations.
MARIDIVE AND OIL SERVICES
Maridive was established in 1978 and is one of the leading regional Offshore Support Vessel ("OSV") operators. The company offers a diversified range of offshore services to oil companies such as Exxon Mobil, Shell, British Petroleum and British Gas. Maridive operates a fleet of 34 vessels and is a key player in the Mediterranean and Red Sea regions. Maridive is publicly listed on the Egyptian Stock Exchange with c.20 per cent of the current share capital owned by institutional investors and 47 per cent held by the original founders (Eleish, Nadeem and Zeid families).
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised B (ESP 2014). The environmental and social risks related to the Company and the acquisition and operation of the OSVs are readily identifiable and can be mitigated through relevant measures.
The Environmental and Social Due Diligence ("ESDD") was undertaken by ESD and included a review of a completed E&S questionnaire and follow-up discussions with Maridive management representatives. 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 Performance Requirements ("PR").
ESDD confirmed that the Company operates in line with national environmental and social legal requirements. It also meets the ISM Code for the safe management and operation of ships; MARPOL requirements regarding sulphur content in vessel fuels and effluent discharges; and aligns with international good practice relating to environmental, health and safety and employment standards. Maridive is ISO 9001 (quality) accredited and is compliant with the 14001 standard (pending certification), and is currently enhancing its procedures to acquire the Health and Safety ISO 45001 and Energy ISO 50001 certifications. The Company has allocated the necessary resources and staff for environmental, and health and safety management, and EHS targets and
KPIs are set and continuously monitored as per the management plans requirements. Emergency response plans are compliant with international standards and regular trainings and drills are conducted. Suppliers used are all reputable firms, and the Company will implement a formalised supply chain environmental and social risk assessment and management procedure as part of its integrated management system.
Maridive employs 1796 direct employees, and 30 subcontracted employees. Subcontracted employees are required to follow standard local legislations. Those contracts will be adjusted to add provisions on compliance with Maridive's policies as well as EBRD's Performance Requirements.
A formal grievance mechanism is in place, and it is being used by employees. The Company sporadically implements community initiatives and has an average with a budget allocated for those activities. Those will be integrated into a formal Corporate Social Responsibility ("CSR") plan where the Company's priorities for investment and the criteria for the selection of the beneficiaries and activities will be articulated.
An Environmental and Social Action Plan (ESAP) has been developed and agreed with the Client focusing on implementing supply chain environmental and social risk assessment and management procedures as part of the integrated management system; enhancing the agreements with contractors to include compliance with national labour standards and EBRD's PR2; implementing energy management system in line with ISO 50001 standards; and formalising the current community initiatives undertaken by Maridive into a CSR plan. The Bank will monitor the Project through annual reports and site visits if required.
Company Contact Information
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
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