UK subsea engineering firm increases presence in Nigeria
The Nigeria’s local content law has received major boost sequel to the establishment of UK Subsea Engineering and Manufacturing firm (MSCM) in a Joint Venture agreement with a Nigerian firm, Padua Petroleum Nigeria Limited (PPNL).
The JV agreement gave birth to MSCM-PPNL Subsea Solutions Nigeria Limited, which is poised to increase subsea technology transfer, reduce cost, confidence of direct interface management; 360 degree feedback; and the availability of a rapid response team in-country.
The Managing Director of PPNL, Paul Ajisafe confirmed that the formation of MSCM and PPNL Joint Venture is to demonstrate sincere commitment to their presence in Nigeria noting that MSCM holds 49 per cent share while PPNL holds 51 per cent share in the agreement.
He explained that MSCM’s presence in Nigeria is a major boost in fulfilling the Nigerian Content Policy in the oil and gas industry noting that operational activities will commence in six months time.
Through the JV Company, Ajisafe said they will bring about the much-needed transfer of technology and expertise in Nigeria especially in the highly specialized subsea sector which is the future of the Nigerian oil and gas industry.
He added that MSCM’s in-road into Africa makes Nigeria the hub of its activities noting that Nigeria plays a strategic position in the energy industry.
“For so long Nigeria has been short changed and there is need for a paradigm shift whereby foreign companies can come into the country and establish themselves here.
“MSCM has been doing business in Nigeria and there is no way they can continue to take away resources from this country without giving back to the country. That is the basis for our collaboration,” Ajisafe said.
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