US financing for Nigerian acquisition of shipyard
LAGOS, (CAJ News) – AN American firm has pledged more than US$62 million to acquire ownership, develop and expand a shipyard located in Onne Port Complex in Nigeria’s Rivers State.
First National Partners of Atlanta, the United States firm, has pledged the fund to Fairway Offshore, a vessel management company.
Founded in 2005, the Fairway Offshore is a maritime support service whose vessels are currently under contract to Texaco and ExxonMobil. The acquisition will allow Fairway Offshore to build upon and further service its current client base.
It will immediately expand vessel maintenance by adding a new dry dock and enter the vessel construction and repair business. This will enable the shipyard to conform to current Nigerian law which gives bidding preference to local firms.
It would thereby ensure the development of the already proven shipbuilding capability within Nigeria and ensuring commercial preference for new builds for operation in the country’s waters.
Over the next five years, Fairway Offshore is forecasting growth reaching gross annual revenue of approximately $12 million.
– CAJ News
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