• Monday, July 22, 2024
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Local content boost: FirstBank supports oil firm on marine vessel


As part of its continued drive to improve local content in the nation’s oil and gas industry, First Bank of Nigeria Limited has given a boost to the capability of one of its corporate customer, Petrolog, by funding the acquisition of a brand new ABS classed Dynamic Positioning (DP2) Dive support Vessel “DSV Vinnice.”

The vessel, which is 85 metres long with a beam of 22 meters is the largest indigenously owned DSV in its class and is capable of providing diving, offshore construction and field support.  It is equipped with 4 point mooring system, 100 tons AHC Crane, Shaft generators for the two bow thrusters and two firefighting pumps. It is powered by 3 main 800kW Caterpillar generators, the vessel is also equipped with a 192kW emergency generator and the saturated diving system is powered by dedicated 800kW main and 400kW emergency

The vessel is also equipped with an ABS classed Air dive system for more shallow subsea diving activities and will be commissioned for business operations on Tuesday, March 3, 2015.
The insurance on the vessel was packaged by FBN Insurance Brokers with a consortium of indigenous insurance companies led by Leadway Assurance, AIICO Insurance and FBN Insurance Limited.

According to the group managing director/CEO  of FirstBank, Bisi Onasanya, the bank is delighted to be a part of this major milestone achievement by supporting indigenous participation and local content in the nation’s oil and gas sector, especially the upstream end.

This further demonstrates our commitment to increase the capability of corporate customers as we continue to put them first in the heart of our business. He promised the bank’s continued partnership with and assistance to the company to enable it fulfill its vision and corporate objective of being an industry leader in the provision of support services to the oil and gas companies.

The executive chairman of Petrolog Limited,  Vincent Ebuh commended the bank for believing in the management by supporting their dream from inception, a factor he said helped them to realise the company’s goals and business objectives.

“FirstBank has been helpful from day one; they have provided us with the financial muscle needed to succeed in our line of business,” he said.

Petrolog Limited, a found PETAN member, is the leading and the biggest indigenous service provider in the upstream sector of the oil and gas industry. With over 30 years of industry experience, the company provided detailed engineering services, offshore drilling, down hole analysis, subsea solutions and vessel chartering services in Nigeria and across the continent.