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Skye Bank supports oil firm to boost local content

By BusinessNews Staff on February 24, 2015

As part of its effort to boost local content in the nation’s oil and gas industry, Skye Bank Plc has increased the capability of one of its corporate customers, Marine Platforms Limited, by funding the acquisition of a multi-purpose support marine vessel that provides offshore support services to the oil and gas companies.

Marine Platforms Limited is a frontline and the biggest indigenous service provider in the upstream sector of the oil and gas industry, providing wellbore clean out, subsea solutions and vessel chartering services in Nigeria and across the continent.

A statement from the bank quoted its Group Managing Director/Chief Executive Officer, Mr. Timothy Oguntayo, who spoke at the unveiling and vessel tour in Lagos at the weekend to have said the bank was happy to support indigenous participation and local content in the nation’s oil and gas sector, particularly the upstream end.

He promised the bank’s continued partnership with and assistance to the company to enable it fulfil its vision and corporate objective of being an industry leader in the provision of support services to the oil and gas companies.

The Skye Bank boss further said the financial institution would also avail the company opportunity for effective financial and other advisory services that would give it a competitive edge in the industry due to the technical and complex nature of the industry.

Chief Executive Officer of Marine Platforms, Mr. Taofiq Adegbite, commended the bank for believing in the management by supporting their dream from inception, a factor he said helped them to realise the company’s goals and dreams.

“Skye Bank has been helpful from day one; they have provided us with the financial muscle needed to succeed in our line of business”, stressing that the company would continue to be proactive to stay relevant.

Adegbite listed some of the services rendered by the company to include subsea installations, subsea survey of flow lines and termination, well completions, vessel chartering services and other offshore support services in the upstream sector of the oil and gas industry.

The new ship named ‘African Inspiration’, is a brand new multi-purpose vessel that can perform a variety of functions and put to many uses.

Skye Bank recently acquired Mainstreet Bank Limited, which was previously owned by the Asset Management Corporation of Nigeria. The bank is listed on the Nigerian Stock Exchange.

[ThisDay]

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