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Gulf Marine Services, a UAE-based provider of self-propelled, self-elevating support vessels serving the offshore oil, gas, and renewables industries, has agreed with banks an agreement to reduce the interest rate on its loans.
“Under the revised agreement the rate of interest payable by the Company on its borrowings will decrease from LIBOR +5% to LIBOR +3%, retrospectively from the beginning of this year. The reduced interest rate will apply until the end of 2022, after which the existing ratchet will apply,” GMS said.
Last month, when it first announced the proposed agreement, GMS said the interest rate reduction would lead to a saving of c.
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