Tenaris to acquire 40pct stake in Pipe Coaters Nigeria Limited

Tenaris announced that it has reached an agreement with Prime Investment & Corporate Services Limited to acquire a 40% stake in Pipe Coaters Nigeria Limited, a Nigerian company located in the Onne Oil & Gas Free Zone.

Pipe Coaters Nigeria Limited is the leading company in the Nigerian pipe coating industry, offering a wide range of products such as internal, anticorrosion, concrete and thermal insulation coatings for deepwater applications, as well as other tubular value added services such as double jointing. The company has state of the art facilities extending 150,000 square meters and employs around 300 people.

This partnership will combine Tenaris’s industrial know how and technical capabilities with PCN’s proven expertise and presence in Nigeria, located in the Onne Oil & Gas Free Zone, among the largest of its type in the world and in operation since 1996. The JV has been undertaken in order to provide oil and gas companies working both onshore and offshore with a complete pipeline package solution made in Nigeria, including pipe coating and ancillary services, under Tenaris’s renowned quality and project management control.

The investment in Pipe Coaters Nigeria Limited is another milestone in Tenaris’s long term commitment to Nigeria, which began over 30 years ago with the supply of OCTG pipe to the local oil and gas industry. In 1998, the company opened its first representative office in Port Harcourt and, one year later, built a pipe stocking area in Onne. In 2004, Tenaris established its first manufacturing operation, a full threading facility for OCTG pipe, in Onne. In 2007 Tenaris acquired a second threading operation in Warri.

Steelguru