Shareholders of Geo-Fluids Plc hope of reaping from their investment was boosted last weekend when the management of the company unveiled two new brand vessels to boost its operations.

Speaking to newsmen during the dedication ceremony of the two ships, Managing Director/CEO, Geo-Fluids Plc, Dr. Ala A. Ibanibo said, “ there is need to show to the investing public what we have done with the money they gave us and this would boost their confidence that their money was not misused but properly utilized by the company.”

Continuing he said, “ the acquisition of these vessels was initiated before the listing process of the shares of the company on the Nigerian Stock Exchange (NSE) commenced , so we do hope that future acquisition of vessels would be financed through the capital market.

While answering question on what the shareholders should expect in the coming years, he said, “ our shareholders should be excited and should expect better returns .They should also have hope in the company and keep supporting it especially when we come to them to look for more capital for future expansion.

I am excited and great . Great in the sense that  it has being a chequered journey from the
time we commissioned the building of this ship way back in 2008. So I am really excited that we are dedicating the complete ship today. These are absolute high marine equipment .The cost of these ships is $16 million each.”

On whether there was challenges encountered during the project, Ibanibo said, “ when you talk about a project of over $30 million, it is by no means a small project and this is no small money. Naturally there were challenges.

When we started this project we did not anticipate that the overall total cost of this project will be all that high. We had challenges of under budgeting and under funding which is expected any way. However, in any case, we are glad that we are able to surmount the challenges and be able to achieve this result”.

On how the fund was raised, he said, “ we had partnership between our company and local bank, to whom we are grateful. Specifically, GTBANK Plc is part of this project. So we are grateful to them . All of these facilities for this project were put together by GTBANK. It will not only boost our own business but the economy in general. With the local content drive of the entire nation. It will save much money for the government when repatriation of funds is reduced.

The people working with us are Nigerians and they will earn money and spend it within the country. It is going to boost our profit as well as enhance the revenue for the nation.”

Meanwhile, the new vessels are both 58.7 meters Multi-Purpose Supply Vessels (MPSV) designed to accommodate a range of work scopes.

The vessels are equipped with the latest technology available in the world maritime environment. Built in China, the vessels are designed to support pipe-laying , diving, well intervention, anchor handling, stand-by operations and support accomodation in deep sea operations.

Also, the vessels have the capability to support Rescue Operations, Tanker Assistance, Towing and unloading liquid cargo to rigs and production platforms. These MPSVs are designed to support the oil and Gas industry by providing supply and general supports, construction support, maintenance support and underwater pipeline inspections and laying.

The vessels are also equipped with sophisticated Dynamic Positioning (DP) systems and Fire Protection and Fire Fighting capabilities for deep sea operations. With acquisitions such as these, the Nigerian Maritime Industry is slowly but surely joining advanced countries in the provision of advanced marine operations support vessels, thereby giving the required credibility to the Local Content Act.

GLL Marine Services Limited is poised to provide quality service to the oil and gas industry by providing world class vessels at all time.