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Damiete Braide
Hamilton & George, the Financial Advisor to Century Energy Services Limited (CESL) for the acquisition of two Floating Production Storage and Offloading (FPSO) vessels, has given credit to Access Bank Plc for the achievement of this indigenous participation milestone.
The CESL advisor confirmed the complete acquisition of FPSO Armada Perdana from Bumi Armada and FPSO Front Puffin via Sea Production Limited. The vessels have been renamed FPSO Tamara Tokoni and FPSO Tamara Nanaye, respectively. It took the boldness and commitment of the bank and professional staff at Century Energy Services Limited and the law firm, Legal Answers LLP, to pull it off.
Hamilton & George noted that the recent acquisitions were part of CESL’s strategic plan to provide integrated offshore solutions to clients in the oil and gas industry. More importantly, the goal of CESL, according to the advisor, is to reduce production cost for offshore fields considering cost challenges companies face while working with international FPSO operators.
It noted that “with the acquisitions, CESL can offer cheaper and more efficient offshore solutions to clients using their expertise and local resources in mitigating the associated risk of offshore production activities.”
Over the years, CESL has established a track record of successfully working with leading international FPSO operators not limited to Bumi Armada and Rubicon International Limited. The relationship has been seamless and of mutual benefit to the companies and these acquisitions further underpin Century’s capabilities as a foremost independent FPSO operator and also the operator of choice for international companies in the Nigerian market.
The FPSO Tamara Nanaye (formerly Front Puffin) is currently deployed at the Aje Field (OML 113), offshore Lagos, where it is operating under charter to Folawiyo Aje Services Limited. CESL has been undertaking the operation and maintenance of the vessel since 2016, when she was first deployed to the Aje Field; and with the recent acquisition is now owner-operator.
The FPSO Tamara Tokoni (formerly Armada Perdana) was rescued from the conundrum in the Oyo Field and will be deployed to Okpoho Field, OML 119.
“As financial advisors of the company on these transactions, we are fully in the know of CESL’s ambition to become the foremost independent operator of FPSOs and cost-efficient offshore field development support in Nigeria and West Africa. The acquisition of Front Puffin, together with its recently announced purchase of Bumi Armada’s ‘Armada Perdana’, represents a very important step towards realising that goal. It also demonstrates CESL’s capabilities as a preferred partner for international players in the Nigerian market and also reaffirms Century Group’s commitment in supporting offshore development in Africa and beyond.
