NigerStar7 to invest N7.2bn in assets acquisition

THE management of indigenous oil firm in Nigeria, NigerStar7, has announced plans to invest N7.2billion ($20million) in assets acquisition in other to boost its operations.

Speaking at the official inauguration of newly acquired N3.6billion ($10million) vessel named “NigerStar7 Adaba” in Lagos at the weekend, Mr. Yann Cottart, the Chief Executive Officer, NigerStar7, said the N7.2billion investment will be used to acquire oil floating facility assets which help in boosting its local content drive in Nigerian oil and gas sector.

He said that the proposed direct and indirect investments in the oil and gas service companies would further boost local content development in the country.

According to him, the $20million investment future plan to acquire oil floating facilities, vessel and oil servicing equipment would create more job opportunities for offshore and onshore workforce and oil service companies.

“We invested about $10million on the newly acquired NigerStar 7 Adaba vessel that we are re-launching today to boost capacity and promote the local content initiative in Nigeria.

“We are executing the largest and complex Equipment, Procurement and Construction (EPC) deep-water projects and with this new additional vessel, we become the only Nigerian Tier 1 EPC contractor with 100 per cent owned and positioned in-country,’’ he said.

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

He said that Niger Star 7 benefits from its alliance with Jagal and Nigerdock companies, which are part of the few largest fabrication yards in West Africa, capable of executing fabrication activities for most shallow and deepwater projects.

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In his remarks, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, lauded Niger Star 7 for promoting local content in Nigeria, while assuring of the Board’s support.

Wabote said that the board remains committed in encouraging Nigerian firms in the oil and gas sector to play key roles in the critical industry.
He said that 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 $200million 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 re-positioning 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 many credentials and I believe there are still a lot more you,’’ he said.