To strengthen local content development, an indigenous company, CNS Marine Nigeria Limited, said that it has acquired three vessels worth over $50 million (N6 billion) for offshore services in Nigeria.

Speaking last week during the official commissioning of the new vessels, the Managing Director/Chief Executive Officer of CNS Marine, Mr Barry Adedamola, disclosed that the three vessels were named, Adessa Ocean King; Adessa Legend; and Adessa Sea Protector.

Adedamola said that the new offshore dive vessel with a capacity of 50 tonnes can accommodate about 90 workers on offshore projects.

According to him: “Today, we are launching a unique product into the Nigeria market which has tremendous benefit to Nigeria’s socio-economic growth by creating lots of jobs, while hoping that more local people will be trained to work in the vessels.

“We have invested over $50 million into these vessels. We are fully committed to a hundred per cent Nigerian Content,” he said.

The CNS Marine boss however assured that adequate safety measures had been put in place to protect the crew, adding that additional security bullets proved boat had been acquired to support the operation of the vessels in offshore projects against militants.

Similarly, the Country Director, CNS Marine, Mr. Lucky Akhiwu, said that the company has some international partners, who render technical support to it.

He said that the company has worked with a number of companies including Kaztec Engineering Limited, Addax Petroleum, Saipem, Exxon Mobil, Adam Offshore.

He listed services offered by CNS Marine to include mixed gas hyperbaric diving services, air diving services, general construction, maintenance and repair and offshore pipe-lying services and support. Others are underwater remote video surveys and inspections, savage and recovery; pipeline pigging and hydrostatic test; vessel agency and dive support services; offshore quality assurance programme advisory services.

Funding

Diamond Bank Plc is the sole financier for one of the vessels, and provided a facility of about $30 million (N4.8 billion) under a five year repayment plan.

The Director, Corporate Banking, Diamond Bank, Mr. Samuel Egube, said the bank’s commitment to Nigerian Content development, spurred its decision to fund indigenous companies in the oil and gas sector.

He stated: “Diamond Bank is committed to supporting the Nigerian Content Policy, and we will continue to do that. CNS Marine is an indigenous company which is also committed to Nigerian Content, and we are delighted to be supporting such an indigenous company.

“We are the lead supporters of marine logistics in Nigeria, and we are happy to help the company. It is not just a milestone for this company, but a milestone for the Nigerian content. We believe that this is just the beginning.  This support will increase employment generation in the country most especially to Nigeria divers.

“The financing of this vessel from Diamond Bank is around $30 million, and it is structured in a manner that gives them ample time to pay back.  I think it requires a great amount of creativity to put this together. We have been able to put structured together to accommodate such financing and it is for five years.”

Recall that the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Ernest Nwapa, had recently said that the Nigerian economy lost over $100 billion in five decades to foreign owned vessels that have been lifting crude oil from the country.