European Bank for Reconstruction and Development and Azerbaijani Unibank to grant a credit to local oil service company

The European Bank for Reconstruction and Development (EBRD) and the Azerbaijani, Unibank will finance the development of the Azerbaijani oil services company Dalgidj in the amount of $10 million.

Dalgidj, established at the end of 1996, provides services for underwater works for oil and gas companies and contractors, local and foreign, which operate at Azerbaijani oil fields. These are underwater-technical, air diving and ship repair works in the Caspian Sea. Dalgidj offers such services as underwater welding and cutting at the depth of up to 60 meters and ROV operations at the depth of 1000 meters.

The loan funds will be used to purchase new equipment for remote control and for the construction of a new warehouse. The strict technical and environmental requirements for geological exploration and production of hydrocarbons has lead to an increased the demand for underwater technical works. Companies, engaged in this activity, are also faced with stringent requirements and strong competition. In these circumstances, professional staff and modern equipment are very important for the enterprises.