Oando Energy Services Ltd. (OESL), Nigeria's foremost indigenous oilfield services company, today announced the signing of a $150 million two-year drilling contract with Nigerian Agip Oil Company (NAOC) for its oilfields in the Niger Delta swamps.
This contract further demonstrates the company's commitment to its audacious upstream expansion having invested significantly in the rigs business over the last two years with aspirations of becoming a dominant player in the land and swamp rig business.
In execution of the contract, Oando will be deploying two of its most sophisticated swamp rigs in its fleet with the capacity to drill under high temperatures, high pressure of 15,000 psi and to depths in excess of 30,000ft.
Mr. Uche Dimiri, Chief Executive Officer, Oando Energy Services comments, "This contract is a demonstration of the confidence international oil companies have in our personnels' technical capabilities and the local terrain know-how and ability to drill oilfields within the Niger delta region. We are confident of delivering optimum value to NAOC in order to meet their drilling objectives within the stipulated time."
The Group Chief Executive Officer, Oando PLC, Mr. Wale Tinubu, further comments, "This deal is a major milestone for Oando and a triumph for the local content drive in Nigeria. We are pleased with this achievement, as it is a validation of our diversification strategy from the downstream to a fully integrated energy company. This partnership with Agip will see our rigs business significantly contribute to our earnings whilst assuring our shareholders of an immediate return on investment."
OESL is a subsidiary of Oando PLC established to strategically provide oilfield services to upstream operators within the Gulf of Guinea. The company offers three product service lines namely:
The contract is subject to all regulatory operational approvals.
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