Subsea cable installation firm OMG Group has secured almost $300 million in financing to expand its fleet of cable ships.
“We are pleased to announce that OMS Group has successfully secured RM1.35 billion (US$292.5 million) in loans through a syndicated facilities agreement with a consortium of prominent financial institutions,” the company said this week on LinkedIn.
OMS said the financing will enable the company to expand its fleet and enhance its capabilities in subsea telecommunications.
Facilitated by KKR Capital Markets, the consortium includes HSBC Bank, Affin Bank Bhd, Affin Hwang Investment Bank Bhd, BDO Capital & Investment Corporation, E-Sun Commercial Bank Ltd, and SinoPac Co Ltd.
OMS chairman Datuk Lim Soon Foo said: "We are proud to work with such esteemed financial institutions; this partnership undoubtedly strengthens our industry standing. It underscores our unwavering commitment to excellence and innovation in the subsea telecommunications sector.”
Founded in 1983, Optic Marine Group is based in Selangor, Malaysia. The company provides subsea cable installation and maintenance. KKR invested $400 million into the company last year.
Currently, OMS operates six cable laying and repair vessels – the most recent, the CS Cable Vigilance, launched in 2022 – as well as two barges and three tug boats.
Cable ships are few and far between. According to the ISCPC, there are around 60 cable ships in operation, many of which are more than 30 years old. With more than 400 subsea cables running and demand increasing, a limited supply of vessels can delay projects and slow repairs.
