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Legal Answers LLP advises Century on acquisition of $40m FPSO Armada Perdana

A team of Legal Answers LLP lawyers, led by partner and principal commercial lawyer, Teinane Okpokiti, has advised Century Energy Services Limited (Century) on the successful acquisition of Floating Production Storage and Offloading (FPSO) units, ‘Armada Perdana’ and ‘Front Puffin’.

The Armada Perdana was acquired from Malaysian FPSO operators, Bumi Armada, for $40 million. The FPSO Armada Perdana now renamed ‘ Tamara Tokoni’ would sail to the Okpoho Field Oil Mining Lease (OML) 119.

The FPSO Front Puffin was acquired via the acquisition of the shares of Sea Production Limited, a subsidiary of Rubicon Offshore International. The Front Puffin is currently deployed at the Aje Field ( OML 113), offshore Lagos, where it is operating under charter to Folawiyo Aje Services Limited.

It was learnt that Century has been undertaking the operation and maintenance of the vessel since 2016 when she was first deployed to the Aje Field.

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“We are delighted to have advised Century Energy Services Limited, a retaining client of the firm, on these milestone acquisitions in the offshore market,” Okpokiti said.

Okpokiti, who was also the lead lawyer on the deal, said both transactions were very complex and involved multiple jurisdictions. He, however, expressed delight over the success of the deal

“We are delighted to have closed both transactions in a timely fashion. Our solid experience handling these sorts of transactions combined with our offshore market depth and expertise means that we are perfectly placed to advise clients locally and internationally. Furthermore, the acquisitions underpin Century’s capabilities as a foremost independent FPSO operator and also the preferred choice for international operators in the Nigerian market,” he said.

Also speaking on the acquisition, Ken Etete, CEO of Century, said: “With the acquisitions, we can guarantee cheaper and efficient offshore solutions to clients as a result of de-risking our operating environment using local resources and expertise. Our strategy is to complement and collaborate with international FPSO operators to achieve a reduction of offshore operation costs and ultimately supporting offshore development in Africa.”

It was also learnt that Sea Production Limited was advised by Holman, Fenwick Willan (HFW), and that Access Bank acted as lenders to Century Energy Services Limited.

Legal Answers is a commercial law firm in the energy, banking and finance, shipping, financial technology and intellectual property markets. The firm comprises dynamic and innovative lawyers with requisite skill set and significant industry experience for rendering efficient legal services.