March 31, 2021

Global Spectrum Energy gets “bbb” rating by Agusto

By Peter Egwuatu

Global Spectrum Energy Services Plc (GSES), has earned a ‘Bbb‘ rating from Agusto& Co., a leading rating agency in the country. GSES is one of the leading indigenous offshore support vessel companies operating in the marine security and logistics sub sector of the oil & gas servicing industry in Nigeria.

According to Agusto, in their rating report, the rating assigned to GSES “is upheld by the Company’s low leverage or zero debt exposure as the business is largely funded with equity, adequate working capital, and experienced and stable management team as well as growing client portfolio of international oil companies”.

The agency further stated, “Agusto& Co. expects the overall financial condition of GSES to remain stable in the medium to long term due to the additional contract signed subsequent to year end. Based on the aforementioned, Agusto& Co. hereby attaches a stable outlook to the rating of Global Spectrum Energy Services Plc”.

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The rating agency, assigning a stable status to the company further pinned the favourable prospects for the company’s growth and profitability to factors that include the expected rebound in the consumption of crude oil as the global economy recover from the covid 19 pandemic, favourable local content policy, and its entry into the merchant shipping security escort services. The merchant shipping escort service is a growing line of business that the company is currently giving new focus as it expands and diversifies its operations.

Global Spectrum is one of the indigenous oil & gas servicing companies listed on the Nigerian Stock Exchange. The Company specialises in the provision of offshore supply vessels utilised for providing marine security services to international oil companies (IOC) with operations in deep-sea offshore.