USD 100M loan agreement signed between ADCB and GEM

The Loan agreements were signed today at GEM Offices between Mr. Yusr Sultan, CEO of GEM and Mr. Shafqat Ali Rana, Head of ADCB's Dubai Corporate Div. and Mr. P.P.Saradhi, Vice President of ADCB in the presence of Mr. Hassan Jarrar, Head of Commercial Banking, ADCB.

GEM signed this loan with ADCB for their recently ordered vessels Gulf Castle and Gulf Cobalt. These hulls of 75000 dwt each are two out of four Panamaxes ordered in January this year and are the high specification double hulled product tankers, being built at Hyundai Mipo Dockyard. Gulf Castle & Gulf Cobalt are scheduled for delivery in 2009.

ADCB has in the past extended to GEM loans aggregating to USD 94.5 mio. for financing three vessels - Gulf Stream, Gulf Elan and Gulf Esprit. As one of the core banks for GEM and the ENOC group, ADCB has enjoyed a long term partnership for several years. The signing of the loan agreements for these two new vessels today further reinforces the partnership.

GEM, a commercially focused product tanker company has a most modern, sophisticated fleet and its asset value exceeds US$ 1 Billion. GEM's fleet comprises of ten coated Panamax tankers and nine chemical/product tankers, to be delivered between 2006 and 2009. In addition, GEM also manages two vessels and a four-vessel New building project.

Incorporated in June 2004, a Joint Venture between ENOC, IPIC, OOC, GEM has already attained ISO 9001-2000 Quality Management System (QMS) and ISO 14001-2004 Environment Management System (EMS) accreditation within a year of its incorporation. It has also been approved by various Oil Majors and Tanker Management Self Assessment (TMSA).

"GEM strives for continuous improvement in its operations as a quality driven, environmentally conscious, global independent, leading commercial tanker company," stated Yusr Sultan.

"ADCB has emerged as a dominant player in corporate banking segment with core strengths in financing projects in sectors such as infrastructure, shipping, civil aviation and other industries," said Mr. Hassan Jarrar Head of Commercial Banking at ADCB.

The signing ceremony held at GEM's offices was attended by Mr. Yusr Sultan, Board member and CEO, Mr. .Jim Hayer, COO, Mr. Zafar Rizvi, Head of Finance and Company Secretary representing GEM, Mr. Hassan Jarrar Head of Commercial Banking at ADCB, Mr. Shafqat Ali Rana Head - ADCB's DCD, Mr. P.P.Saradhi and Mr. Sridhar.V representing ADCB, Mr. Harry Theochari and Ms. Niki Garcia, Norton Rose, and Mr. Michael Webb, Hadef Al Dhahiri and Associates, Legal Advisors to the transaction.