Vigeo Shipping acquires supply vessel

LAGOS-Vigeo Shipping, a member of Vigeo Group has acquired a Platform Supply Vessel, PSV, to facilitate exploration and production activities in the nation’s deep water oil fields.

The new vessel christened, “Vigeo Adebola,” will promote local content development, which the company has been championing in the foreign companies dominated oil and gas sector.

A statement from the company quoted the Chief Executive Officer, Vigeo Shipping, Mr. Farouq Olayinka, as saying that the vessel left Europe last weekend, and would sail into the Nigerian waters by the first week of May.

He said that part of his company’s goals is to own a fleet of vessels including PSV, Anchor Handlers Tug Supply, AHTS, and other Offshore Supply Vessels, OSVs, to support the Oil and Gas industry operations, particularly in the Gulf of Guinea’s deep offshore arena.

The move is meant to consolidate the grounds for Vigeo Shipping, which has been working with Shell Nigeria Exploration and Production Company, SNEPCo, and other International Oil Companies, IOCs since 2004.

The company in August 2007, invested $14.5 million to acquire an AHTS vessel christened “Vigeo Olufunke”,  to facilitate exploration and production activities, thereby emerging the first Nigerian company to have 100 per cent ownership of an asset for deep water operations.

Vigeo Shipping’s commenced deep water operations in 2003, when Vigeo Limited, a wholly Nigerian company entered into a joint venture with Farstad ASA of Norway, the world’s third largest supplier of AHTS and PSV to form VigeoFarstad Shipping Ltd, in which Vigeo holds 60 per cent and Farstad 40 per cent interest.

Agreements included a Ship Operations Agreement, SOA, between Farstad and Vigeo Ltd, a Bareboat Charter Party Agreement between P/R IOS, a 100 per cent subsidiary of Farstad and VigeoFarstad Shipping Limited.

However, Farstad subsequently pulled out of Nigeria during the peak of militancy in the Niger Delta, forcing Vigeo to acquire the firm’s 40 per cent interest in the JV along with acquiring the vessel.

The equity buy out demonstrated indigenous companies’ capacity to rise to the challenge in the service of the Oil & Gas industry, even as Vigeo Shipping has continued to keep good safety record and commitment to host communities.


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