Nigeria's leading finance and market intelligence news report.

Nigeria content gets boost as NigerStar7 acquires new operational vessels

NigerStar 7, an oil and gas services operator, has acquired and reflagged additional two offshore construction vessels to boost its operations in the oil and gas sector.

The company acquired and reflagged the Seven Antares and Seven Inagha offshore construction support vessels, as part of its investment in Nigeria and support for government policies on local content.

* indicates required

Seven Antaresone of the vessels is a modern pipelay and accommodation vessel with 300 tonnes crane, ideal for conventional offshore projects in shallow and slightly deeper waters, while the other one, Seven Inagha is a modern jack-up accommodation and crane barge, suited to shallow water depths.

It said NigerStar 7 was created by Subsea 7 and Jagal in response to the opportunities created by the Nigerian Oil and Gas Industry Content Development Act.

Anwar Jarmakani, chairman of NigerStar 7, Jagal and NigerDock, said at a ceremony to unveil the vessels in Lagos, “NigerStar 7 is focused on creating employment opportunities and capacity development, supported by a modern and versatile fleet of marine assets, permanently imported and proudly Nigerian flagged.”

He said NigerStar 7 had been growing its presence in Nigeria with operations in Lagos, Port Harcourt, Warri, including marine facilities at the strategic Nigerdock Support Base, owned by Jagal.

Yann Cottart, chief executive officer, NigerStar 7, said: “Our mission is to build human and material capacity to cost-effectively serve Nigeria’s offshore energy industry and our vision is to be recognised by our clients as the contractor of choice. Today, with the new additions to our vessel fleet, we are closer to our goal.”

“Our vision is to be the leading Nigerian offshore contractor serving the country’s offshore energy industry with the capability and capacity to execute the largest and most complex offshore projects.”

According to the company, it said it noted that following recent announcements by the Federal Government of Nigerianew strategic targets had been set to increase national oil production to three million barrels per day.

“This latest acquisition by NigerStar 7 of two construction vessels places the company in good stead to support the region,” it added.

Speaking also at the event the Nigerian National Petroleum Corporation (NNPC), charged International oil companies (IOCs), on the need to build human capacity to drive growth in the nation’s oil and gas industry, as this is the only way to domesticate what it achievable internationally.

Mele Kolo Kyari, group managing director, NNPC said: “We believe whatever can be achieved internationally, can be achieved locally. I assure you of NNPC’s continuous support and patronage. We are also counting on the support of our local and international partners, service providers as well as regulators across the industry value chain.

Kyari who was represented by Musa Lawan,  general manager, National Petroleum Investment Management Services (NAPIMS),  said the acquisition and reflagging represents another milestone in attaining greatness in the upstream sector of the Nigerian oil and gas industry.

He added that NNPC has over the years remained faithful in promoting the growth of Nigerian companies through effective processes to enable Nigerian contractors and service providers to compete in developing in-country capacities to reduce capital flight.

The NNPC boss said when he assumed office as group managing director he emphasised NNPC’s strategic aspirations to achieve 40 million barrels of natural reserves and grow oil production to 3 million barrels per day and gas of 15 million cubic feet by end of 2022.

He said the aspiration serves as an opportunity for companies ready to seize the moment to play important roles in helping NNPC and the industry to achieve the feat.

Earlier, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, said the flagging of the two vessels marks another milestone for the attainment of 60 per cent of Nigerian ownership of vessels in the marine sector, which currently stands at 40 per cent.

Wabote, represented by the General Manager, Capacity Building, Ama Ikuru, said: “Our target is to have a fully-built FPSO in the country to drive the oil and gas industry.”

He appealed to operators in the industry to fully maximise the capacity of the vessels and other vessels coming up in the industry, while also calling on local and foreign investors to invest in the nation’s oil and gas industry.

Comments are closed, but trackbacks and pingbacks are open.