The Chairman of Fymak Marine and Oil Service (Nig) Ltd, Dr. Maduka Nwakwesi, at the launch said the company has a vision of acquiring “20 ships by the year 2020” and the purchase of the MV Chinyelugo was a step in this direction.

This manifestation according to him is a result of hardwork and the commitment of their financier, First Bank Plc. Fymak is a wholly owned Nigerian company, commenced business in 1988, he says “our business and investments are here because we believe in this country.”

He described the MV Chinyelugo as a state of the art vessel, to be used for carrying personnel, cargo, equipment needed in offshore drilling activities. The vessel built at a cost of 8 million dollars,  is equipped with the latest electronics and navigational aids.

He continued that with increased government’s encouragement and support for Nigerians to be more active in the industry and gradually take over from foreigners. He feels this is an area in which Fymak can carve a niche and excel.

According to him MV Chinyelugo is the fifth vessel in the fleet of Flymak, the other four were also financed by First Bank at a cost of 12 million dollars, which have been repaid. He stated that this vessel and another to be delivered by March 2009 will be working for Chevron.

He said a major challenge in this business is getting finance for their activities, but he is happy they have a competent backer in First Bank. Finding a competent ship yard to build ships was another challenge due to the high cost of crude oil, which made many companies make orders for ships.

However, it was resolved by engaging the services of Horizon Shipping Inc in Alabama, the result of this partnership is the MV Chinyelugo. He further stated that the company is able to meet its obligations to its numerous customers because of the highly skilled, creative resourceful and competent workforce in its employment.

Maduka expressed his concern about the degradation of the Niger Delta and called for concerted efforts to improve the area. In recognition of aspirations of the people of the Niger Delta, Fymak named one of their vessels “Delta Princes.” According to the Chairman “This is a projection of what our desires for the area to be as beautiful and developed as a princess.

As a responsible corporate organisation we recruit our workers from our areas of operation. Inf act many of crew members hail from the Niger Delta.

In his comments at the occasion, an executive director in First Bank, Mr Alex Oti commended the foresight and initiative of Fymak in providing local content for the oil & gas industry. For Nigeria to develop, we must emulate the example set by Flymak he continued, Fymak to him is a performance based company judging by the fruitful relationship existing between First Bank and the company.

This relationship lead to the financing of four vessels currently working for Mobil, the financing of MV Chinyelugo and another vessel to be launched soon. Given the track record of Fymak he had no doubt that First Bank will be there to finance the acquisition of other vessels.

To Mr. Travis Short, President Horizon Shipping Inc, “building a ship is also about building a relationship.

This one started in 2005, when in the course of discussion on specifications and other matters, developed into a warm relationship with Fymak.  According to him “the MV Chinyelugo is a fast crew support vessel that can travel in shallow waters.

It is 170 feet by 31 beam and capable of speeds of 30 knots, it is equipped with state of the art facilities and enhanced safety features like life rafts, life Jackets, and built in way that makes it safe to move from one end of the ship to the other. It can carry about seventy eight persons on board.

Horizon Shipping Inc according to him has been building crew vessels since 2001, and have built vessels for use in Iraq, Colombia, Mexico, etc.

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