Oil firm to invest $20m in oil floating facility in Nigeria

NigerStar 7, a Nigerian oil service firm is ready to invest $20 million (N7.2billion) in oil floating assets to boost local content development in the country.

Speaking at the official inauguration of the company’s newly acquired $10 million vessel named “NigerStar 7 Adaba’’ in Lagos on Thursday, the Chief Executive Officer of NigerStar 7, Mr Yann Cottart  said  the 20 million dollar investment in oil floating facilities, vessel and oil servicing equipment will create more offshore and onshore jobs.

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

We are executing the largest and complex Equipment, 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 in-country,’’ he said.

He said the company had benefitted from its alliance with Jagal and Nigerdock companies, one of the largest fabrication yards in West Africa, capable of executing fabrication for most shallow and deep water projects.

Mr Simbi Wabote, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), lauded Niger Star 7 for developing local content in Nigeria and assured it of  the board’s support.

Wabote said that the board remained committed to encouraging Nigerian firms in the oil and gas sector to play key roles in the critical sector.

He said that the board was determined to provide support and serve as a catalyst for the realisation of developing local content in Nigeria’s oil and gas industry.

we have commenced the disbursement of the 200 million dollars Nigerian Content Intervention Fund which is fully managed by the Bank of Industry.

“Three companies have accessed the fund while we have 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 much credentials and I believe there are still a lot more you,’’ he said.

Wabote called for more collaboration among oil and gas operators to boost local content development in Nigeria, saying the board had consciously adopted a working synergy mantra approach.

NigerStar 7 is a 100% Nigerian joint venture company that brings together engineering, installation and project management expertise in Subsea.

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