C &I Leasing Plc., a leasing and business service conglomerate has just concluded the buyout of minority shareholders of Petrotech Marine Ltd- a joint venture company, whose stakes amounted to 27.5 percent.
As a result of this transaction facilitated by Wizer Advisory engaged by the parties as an independent advisor for the valuation of the shares, C&I Petrotech Marine Limited is now a fully owned subsidiary of C&I Leasing Plc.
To this end, C&I takes over the six vessels presently deployed to a long-term contract with Shell Petroleum Development Company of Nigeria (SPDC).
Andrew Otike-Odibi, the managing director of the company, in a statement explained that the company’s journey into the maritime sector as a service provider for the oil and gas companies actually started through the C&I Petrotech marine joint venture in 2010, which culminated in the ownership of over twenty vessels consisting of crew boats, pilot boats, tugboats, patrol boats and platform support vessels over the years.
From then on the company has been providing services such as line and hose handling, berthing and escort services, mooring support, fire-fighting, pollution control, security and floating and self-elevating platforms.
“This clearly reiterates our commitment to growing our marine service business and gaining leadership in the field,” Otike-Odibi said.
Few weeks ago, C&I Leasing recorded a successful N7 billion bond issue, the first series in a N20 billion debt issuance programme.
The company had stated that the funds raised would largely be invested in business expansion and restructuring of the company’s debts over a period of five years among other initiatives which will guarantee increased profit margins and returns for shareholders.
The buyout transaction of C&I Petrotech Marine Limited minority shareholders is evidence of C&I Leasing’s commitment to investing in its business growth and expansion.
Expressing optimism the company hopes that this buyout will further its drive to restructure and reposition its marine business for enhanced profitability.