Wabote commissions NigerStar7’s $10m vessel

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote on Thursday in Lagos performed the re-christening of ‘ADABA’, a dynamic positioning system vessel owned by NIGERSTAR7, valued at $10 million.

NIGERSTAR 7 ADABA will be flying the Nigerian National Flag, rated as DP2 and is equipped with Kongsberg DP system. The vessel is also equipped with Fire Fighting System (FIFI) Class 1 and is capable of fighting offshore facility and ports fire incidents.

Speaking at the event held at Snake Island Integrated Free Zone, the Executive Secretary stressed the need for industry players to partner and cooperate among themselves to develop local content in the oil and gas industry and grow investors’ confidence in the economy.

He commended the business model of NigerStar 7, which is a partnership between Nigerdock and Subsea7, noting that it has helped the group build a formidable presence in engineering, fabrication, installation, and project management.

Wabote charged other service providers to build bridges especially now that the industry was rebounding from a period of downturn. “We see rays of light in the sanctioning of big-ticket projects. There is need to collaborate more and build partnerships that last. The opportunities in the industry are quite vast and there is room for a win-win situation for all,” he said.

According to him, the Board has always adopted the partnership mantra, hence it has parallel collaborations with NNPC-NAPIMS, NIMASA, NEPZA, OGFZA, NIS, FAAN, NIPC, EFCC, BOI, and several other agencies and institutions.

He added that “these collaborations are already yielding results such as the alignment with NIMASA on the classification of vessels operating or seeking to operate in Nigerian waters as well as training of seafarers. NNPC-NAPIMS is also preparing the 5-year projection of vessel requirements to guide stakeholders on focus areas and investment opportunities.”

The Nigerian Content chieftain called for several of such collaborations amongst the Nigerian oil and gas service providers, adding that such would create employment opportunities for young jobless graduates and grow businesses in the country.He noted also that the outright acquisition and deployment of ADABA by Nigerstar 7 in Nigeria show the growing confidence of investors in Nigerian economy under President Muhammadu Buhari’s watch.

The NCDMB Boss emphasized that there are many untapped opportunities in the nation’s oil and gas industry, highlighting that the schedule in the Nigerian Oil & Gas Industry Content Development (NOGICD) Act 2010 presented immense opportunities for players like NigerStar7 to key into.

He reiterated that the Schedule in the Act for marine operations and logistics services provides for 75 percent Nigerian Content in marine installation services and 100 percent Nigerian Content provision for crane barges and heavy lift vessels. He also restated the provision of the Nigerian Content Act that first consideration must be given to Nigerian companies that demonstrate ownership of equipment, personnel and capacity to execute jobs locally.

He further stated that the Board is currently reviewing its vessel categorization process and would soon unfold a robust implementation that meets the aspirations of marine operators in the oil and gas industry.

Speaking earlier, the Chief Executive Officer, NigerStar7, Mr Yann Cottart said the company would invest over $20 million (N7.2billion) to acquire oil floating facilities, vessel and oil servicing equipment that would create job opportunities for offshore and onshore workforce and oil servicing companies.

“We are executing the largest and complex equipment, Procurement and Construction (EPC) of Deepwater projects and with this new addition of vessel, we have become the only Nigerian Tier 1 EPC contractor with 100 per cent owned and positioned in-country.” Mr. Cottart disclosed.

Welcoming stakeholders at the ceremony, the Chief Executive of Nigerdock, Mr. Pade Durotoye noted that Nigerdock is the home of ADABA as well as vessels belonging to several other oil and gas service companies in Nigeria.

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