CNS Marine acquires $50m vessels, deepens offshore capacity

CNS Marine Nigeria Limited has acquired three vessels worth over $50m (N6bn) for offshore services in Nigeria.

The Managing Director/Chief Executive Officer of the company, Mr. Barry Adedamola, in a statement on Wednesday, said the new investment confirmed the company’s belief in the Nigerian local content initiative.

He said the three vessels recently christened as Adessa Ocean King, Adessa Legend and Adessa Sea Protector, were acquired to facilitate offshore projects.

He further explained that one of the vessels (Adessa Ocean King) was an offshore dive vessel with intensive capacity of 50 tonnes, adding that it could accommodate about 90 workers on offshore projects at any given time.

Adedamola said the vessel would enhance the capacity in offshore projects such as offshore pipe-laying services and support, underwater remote video surveys and inspections, savage and recovery, pipeline pigging and hydrostatic test.

He also said the vessels would help to reduce capital flight, noting that CNS Marine had been paying a lot of money hiring similar vessels from Italy, Brazil and others for projects in Nigeria.

He said, “Today, we are inaugurating a unique product into the Nigerian market, which has tremendous socio-economic benefits for the country in creating lots of jobs, while hoping that more local people will be trained to work in the vessels. We have invested over $50m in these vessels. We are fully committed to a hundred per cent Nigerian Content.”

The CNS Marine boss promised that adequate safety measures had been put in place to protect the crew, adding that security bullet-proof boat was acquired to support the operations of the vessels against pirates.

According to the Country Director, CNS Marine, Mr. Lucky Akhiwu, the indigenous company has international partners rendering technical support to it, which will boost its operations in Nigeria.

He said company had worked with several International Oil Companies such as Kaztec Engineering for Addax Petroleum, Saipem,  Exxon Mobil, Adam Offshore and Saibos.

The Corporate Banking Director, Diamond Bank Plc,  Mr. Samuel Egube, said the bank  was the sole financier of one of the vessels; and that it provided $30m (N4.8bn)  loan for the acquisition of the vessel with five years repayment period.

Egube said that the bank’s commitment to the Nigerian Content Policy spurred its decision to fund indigenous companies in the oil and gas sector.

He said, “Diamond Bank is committed to supporting the Nigerian Content Policy and we will continue to do that.  Addasa marine is an indigenous company, which is also committed to the Nigerian Content and we are delighted to be supporting such an indigenous company. Under water diving capacity requires a lot of skill.

 “The financing of this vessel from Diamond Bank is around $30m and it is structured in a manner that gives them ample time to pay back. I think it required a great amount of creativity to put this together.”

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