Project Description
The proposed project consists of a loan to part-finance the acquisition, mobilisation and upgrading costs of 24 new and second-hand tugs and barges, to be employed in the Caspian in support of the oil field development activity in the region, as well as in the Russian River System, North and Mediterranean Seas on project work.
Transition Impact
The project will promote competition in the offshore logistic service sector of the oil industry in the Caspian. The bank’s involvement will also support the company’s efforts in improving safety and environmental standards of the fleet operating in the Caspian as well as in strengthening its corporate development such as the introduction of audited IFRS financials and Management Information System.
The Client
Silverburn Shipping Company (SSC) Ltd, a limited liability company incorporated in the Isle of Man, and 7 special purpose subsidiaries registered in Isle of Man and Malta. SSC is 100% controlled by OOO Ark Shipping, a Russian inland rivers operator and supplier to the offshore logistic service sector.
EBRD Finance
A 5-year senior loan of up to US$ 12 million.
Project Cost
US$ 18.5 million.
Environmental Impact
The project was screened B/1.
The main issue related to the purchase of the new and second-hand vessels is compliance with the relevant standards for safety and environmental performance (emergency response, emissions to air, wastewater and solid waste disposal). Vessels must obtain the relevant certificates under the national river registry (not all barges require international certificates such as MARPOL, SOLAS, and IOPP for river and Caspian trades as they do not carry oil and barges have no crew). The Bank’s consultant will verify the necessary ships’ certificates prior to disbursement and will also inspect several of the ships. The company is committed to establishing onshore staff safety and environmental procedures, including appropriate accident and disaster response plans and obtain ISO 14000 certificate across its whole fleet over the coming years.
Technical Cooperation
None.
Company Contact
Web site: http://www.silverburnshipping.co.uk
Business opportunities
For business opportunities or procurement, contact the client company.
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Email: procurement@ebrd.com
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Text of the PIP
