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AloStar Provides $6MM Facility to Offshore Inland Marine

November 16, 2012, 08:02 AM

AloStar Business credit has provided a $6 million senior secured revolving credit facility to Mobile, Ala.-based, Offshore Inland Marine & Oilfield Services  (OIMO), a support service provider for the oil and gas industry. Funds will be used to refinance the company’s current credit facility and to support its growth plan.

Originally founded as a servicer in the hydraulic remanufacturing sector, OIMO expanded its services in the mid-90s to include support for offshore drilling, subsea construction, deepwater dockside service and land-based industrial projects.

Today, the company focuses its resources on oilfield and marine services. Marine service projects include: outfitting of vessel equipment and systems; general repairs; upgrades and modifications to existing marine oilfield vessels and custom equipment design. Oilfield services focus on design and engineering analysis, structural and pipe fabrication and designing and building high-tech mechanical and electrical systems along with conversions and upgrades to existing drilling structures.

“The primary driver for OIMO’s revenue stream is continued investment by their customers in oil and gas rigs,” said Andy McGhee, president of AloStar Business Credit. “We have developed a strong capital plan to support their continued growth and look forward to providing the financial resources the company needs to thrive in the changing oil and gas industry.”

OIMO is a full service structural, piping, and mechanical contractor which offers full engineering and design from fabrication to installation and testing on production platforms, drill rigs, subsea and dive support vessels, cargo ships, and on shore plants throughout the western hemisphere and beyond. OIMO currently operates service centers in Alabama, Florida, Louisiana, Texas, Spain, Mexico and West Africa.

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