C & I Leasing Diversifies into Offshore Asset Operation and Partners Indian Firm

By June 28, 2019 Investment News

C & I Leasing Plc, a leading indigenous leasing and business service conglomerate, has announced its readiness to extend its business frontiers to offshore asset operation and maintenance.

This is contained in a notice to the Nigerian Stock Exchange dated 26th June 2019 and signed by the Company Secretary, Mbanugo Udenze & Co.

Prior to the announcement, C & I Leasing was principally involved in the provision of support service to several indigenous and multinational firms in West Africa across three major strategic business units: Fleet Management, Personnel Outsourcing, and Marine Service.

Details of the Deal: The joint venture arrangement will see C & I Leasing partner with OCS Services DMCC (OCS) India and operate under the brand name- OCS Integrated Services Nigeria Limited (OCSISNL).

It aims to engage in operation and maintenance of offshore assets by focusing on “Floating Production Storage and Offloading (FPSO) units used by the offshore oil and gas industry for the production and processing of hydrocarbon and storage of oil,” the notice reads.

Commenting on why the deal is important, the company’s Managing Director, Andrew Otike-Odibi, said the following;

“This joint venture is expected to offer excellent, differentiated service to businesses in the Nigerian Oil and Gas sector by leveraging on the cumulative decades of experience and expertise to both organisations providing offshore support in Africa and Asia along the lines of business process outsourcing, personnel management, offshore vessel operation, and maintenance.”

Mr Otike-Odibi went further to say that the synergy would benefit Nigerians in the following areas:

It will impact the oil and gas sector positively by helping to discover and nurture talents.
It will help generate job opportunities for young Nigerians.
It will provide a platform for skill acquisition and development among them.

According to the Senior Vice President in charge of Operation and Management OCS Services, Sangram M Dhote, the collaboration will offer a perfect blend of technical expertise, operational efficiency, local understanding, and efficient service delivery.

The official inauguration of the brand will take place today in Lagos. It will witness the gathering of investors, stakeholders, patrons, and regulators of the oil and gas industry expected to be in attendance.

C & I Leasing currently trades on the Nigerian Stock Exchange at N5.50 per share. About OCS Services: OCS is a leading service provider to the Oil & Gas and Marine industry.

For over three decades, it has been delivering comprehensive business solutions, robust procedures, glitch-free Maintenance, Repairs and Overhauling services (MRO) among others to clients in the Oil and Gas sector. The company has operations in Singapore, India, Dubai, Brazil and Nigeria.