Heavy Equipment Rental in Iraq

Delphos was hired by the Overseas Private Investment Corporation (“OPIC”) to perform due diligence on and determine the financial and market viability of Northern Gulf Rentals (“NGR”), a heavy equipment rental company in Iraq. OPIC later expanded the firm’s role to include writing the official reports presented to OPIC’s Credit and Investment Committees. Critical elements of the report included a financial analysis of NGR’s sponsors, financial projections of the Project, and sensitivity analyses of critical assumptions. OPIC ultimately used the reports to review the project and approve a $20.5 million senior debt facility.



  • Infrastructure & Logistics

Client Name

Northern Gulf Rentals

Services Provided

  • Transaction Advisory


  • Middle East & North Africa


  • Iraq