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NigerStar 7 plans N7.2b investment in acquisition of floating vessel

By Thompson ABISOLA

NigerStar 7 Company has concluded plans to invest over $20 million about N7.2 billion to acquire oil floating facility to boost local content development in Nigeria, the Chief Executive Officer, Mr. Yann Cottart, has said.

Cottart stated this at the official inauguration ceremony of its newly acquired $10 million vessel christened ‘NigerStar 7 Adaba’ held in Lagos.

He said the proposed direct and indirect investments in the oil and gas services firm would further boost local content development in the country. According to him, the 20 million dollar investment in acquiring oil floating vessel facility would create more jobs for offshore and onshore workforce and oil servicing companies.

He said: “We invested about 10 million dollars on the newly acquired NigerStar 7 Adaba vessel to boost capacity and promote local content in Nigeria.

“We  are executing the largest and complex engineering, procurement and construction (EPC) deepwater projects and with this  new addition vessel, we become the only Nigerian Tier 1 EPC contractor with 100 per cent owned and positioned equipment in-country.

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

He said NigerStar 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.

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, lauded NigerStar 7 for developing local content in Nigeria, while assuring of the Board’s support.

Wabote said the Board remains committed to encouraging Nigerian firms in the oil and gas sector to play key roles in the critical industry. He said the Board is determined to provide support and serve as a catalyst for the realisation of developing local content in Nigeria’s oil and gas industry.

According to him, we have commenced the disbursement of the $200 million Nigerian Content Intervention Fund, which is fully managed by the Bank of Industry. Three companies have accessed the fund while we had received about 100 applications.

“I must commend NigerStar 7 for this renewed commitment to local content practice and the noticeable repositioning you have undertaken to project the value proposition you offer as an oil and gas service provider of repute.

“I am aware of some of the crucial projects you have undertaken to secure the country’s production at very critical moments. You have acquired so much credentials and I believe there are still a lot more you do,” he said.

The NCDMB boss, however, called for more collaboration with the oil and gas operators to boost local content development in Nigeria, adding that the Board has consciously adopted working synergy mantra approach.

“We are in collaboration with NNPC-NAPIMS, NIMASA, NEPZA, OGFZA, NIS, FAAN, NIPC, EFCC, BOI, and several other agencies and institutions. These collaborations are already yielding results such as the alignment with NIMASA on classification of vessels operating or seeking to operate in Nigerian waters as well as training of seafarers. NNPC-NAPIMS is also preparing the five-year projection of vessel requirements to guide stakeholders on focus areas and investment opportunities.

“I am keen to see several of such collaborations amongst the Nigerian Oil and Gas service providers so that we can accomplish much more for our businesses, for the country, and more importantly, create employment opportunities for that jobless graduate next door,” he added.

 

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