Vigeo Holdings has invested $14.5 million to acquire an Anchor Handling Tug Supply (AHTS) vessel to facilitate exploration and production activities in the nation’s deep water oil fields. 

Chairman/Managing Director, Vigeo Holdings, Mr. Victor Gbolade Osibodu at a press briefing in Lagos yesterday, said it marked a major step towards the actualisation of the company’s goal to own a fleet of Platform Supply Vessels (PSV) and Anchor Handlers Tug Supply (AHTS) to support oil and gas industry operations, particularly in the deep offshore segment of the Gulf of Guinea.

He noted that the acquisition of the vessel, named Vigeo Olufunke, made Vigeo Holdings the first Nigerian company to have100 per cent ownership of an asset for deep water operations. He explained: “Vigeo Holdings operates along four main strategic business lines namely: Vigeo Oil & Gas, Vigeo Power, Vigeo Marketing & Distribution and Vigeo Capital. Vigeo Oil & Gas is focused on providing services to exploration and production activities in the Gulf of Guinea region, which includes Nigeria and is structured along three major service lines namely: Operations Support Services, Oilfield Services and Marine Logistics.”

Speaking on the activities of the company in the deep water oil operations, he said, “this journey began in 2003 when Vigeo Ltd a wholly Nigerian company entered into a joint venture with Farstad ASA of Norway, the world’s third largest supplier of Anchor Handling Tug Supply (AHTS) and Platform Supply Vessels (PSV) in the deep water segment to form VigeoFarstad Shipping Ltd, a limited liability Nigerian company with 60 per cent Vigeo and 40 per cent Farstad interest.

The terms of the agreement included a Ship Operations Agreement (SOA) between Farstad and Vigeo Ltd, and a Bareboat Charter Party Agreement between P/R IOS a 100% subsidiary of Farstad and VigeoFarstad Shipping Ltd.” He said that recently the management of Messrs Farstad ASA Norway took the decision to pull out of Nigeria owning to increased agitation in the Niger Delta. “Consequently Vigeo acquired their 40 per cent interest in the JV along with the acquisition of the vessel. This is a proof that there are credible and competent Nigerian companies, who are ready to take on increasing commitments to service the Oil & Gas industry.”

“Our strategy for the Nigerian market is to build a fleet of specialty vessels to service Nigeria’s deepwater exploration and production operations. In addition, these assets can also be deployed in other international exploration and production (E&P) markets. Vigeo has a strategic advantage in the industry as a result of the experience we have gathered over the years prior to this acquisition.  The joint venture model with Farstad was in itself a strategic decision towards future vessel ownership and management. The major Oil & Gas operating companies have created a level playing field for both Nigerians and foreign owners to provide technical services in various areas, holding all to the same high standards.

“For us in Vigeo, beyond the acquisition, we have plans to develop a first class shipping operation with a mix of predominantly Nigerian, and foreign crew over the next few years without compromising quality.

MV Vigeo Olufunke, a fully owned asset of Vigeo Holdings will be managed by Vigeo Shipping Ltd, a subsidiary of Vigeo Oil & Gas Division, with technical support provided by Messrs Troms Offshore AS Norway.”