Oil Firm to Invest $20m in Oil Floating Facility in Nigeria

By September 21, 2018 Investment News

NigerStar 7 Company yesterday announced an investment of over $20 million (N7.2billion) to acquire oil floating facility assets that would boost local content development in Nigeria.

The Chief Executive Officer of the company, Yann Cottart, disclosed this at the official inauguration ceremony of its newly acquired $ 10 million vessel investment named “NigerStar 7 Adaba” in Lagos.

According to him, the 20 million dollars investment future plan to acquire oil floating facilities, vessel and oil servicing equipment would create more jobs opportunities for offshore and onshore workforce and oil service companies.

“We invested about 10 million dollars on the newly NigerStar 7 Adaba vessel that we are re-launching today to boost capacity and promote the local content initiative in Nigeria.

“Today is a remarkable day for the company as we welcome our newly acquired vessel that would serve Nigeria’s offshore and onshore oil and gas industry.

“We are executing the largest and complex Equipment, Procurement and Construction (EPC) deepwater projects and with this new addition vessel, we become the only Nigerian Tier 1 EPC contractor with 100 percent owned and positioned in-country,’’ he said.

Cottart said that with the investment, NigerStar 7 is creating employment opportunities for marine personnel in offshore and onshore, adding that the company also provides an asset to Nigeria which can best serve clients interest.

He said that Niger Star 7 benefits from its alliance with Jagal and Nigerdock companies, which is one of the largest fabrication yards in West Africa, capable of executing fabrication activities for most shallow and deepwater projects.

In his remarks, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, commended Niger Star 7 for developing local content in Nigeria, while assuring the Board’s support.

Wabote said that the board remains committed in encouraging Nigerian firms in the oil and gas sector to play key roles in the critical industry.

Source: Independent