Clyde & Co MENA advises on sale of MOS Superholdings

Clyde & Co LLP successfully advised on the sale of Millennium Offshore Services Superholdings LLC (MOS Superholdings) to HM MOS International Limited. MOS Superholdings is a leading global provider of large scale offshore jackup accommodation service vessels (ASVs) in the Middle East and North Africa (MENA) and Asia-Pacific regions. The principal investors in HM MOS International Limited include, amongst others, a GCC sovereign wealth fund, MENA regional family offices and MENA regional high net worth individuals. The Clyde & Co team was led by corporate partner Phil O’Riordan and supported by senior associate, Naji Hawayek; and associates Jennifer Agnew and Raeesa Chowdhury. Elizabeth Williamson, an associate in the employment team, assisted with certain employment aspects of the transaction. MOS Superholdings owns and operates a fleet of seven jack-up ASVs. The company is strategically based in Ajman Free Zone, outside Dubai, in the United Arab Emirates and has registered offices in Singapore, Australia, Qatar, Egypt and TimorLeste. MOS Superholdings issued USD 225 million of 9 ½ per cent Senior Secured Notes in February of 2013. The deal formally completed on 4 March 2014.