Bank of London and The Middle East plc (BLME), the largest Islamic bank in Europe whose main shareholders are Boubyan Bank and the Public Institution for Social Security, has today announced it signed a £14 million leasing deal with Global Marine Systems Ltd., the largest independent provider of submarine cable installation, maintenance and engineering services worldwide.
Under the terms of the agreement, BLME will support Global Marine in the purchase and refit of an offshore power cable installation barge. Once completed, the barge will be uniquely suited for the installation of a full range of subsea power cables. The increased demand for this type of cable installation barge is directly tied to the growth of offshore electricity transmission being constructed to connect the off-shore wind farms now being built throughout the North Sea and surrounding waters. (Press Release)