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Mauritius energy firm makes first investment in Nigeria

 
Nigerian News Update » Nigerian Newspapers
Punch Newspaper
 
 
Mauritius-based Koral Energy International Limited has announced the acquisition of a floating production unit and the associated operation and maintenance contract from Singapore-based Mercator.

A statement on Wednesday said the acquisition marked the company’s first strategic investment in Nigeria and Africa’s energy sector.

It said Koral was established in Mauritius to leverage emerging opportunities in Africa’s energy industry, with an initial focus on Nigeria.

Koral was said to have in 2016 entered into discussions with Mercator, which was seeking to restructure operations globally, and was able to design a financial solution.

According to the statement, the solution offers ongoing cash flows to Koral while delivering value to Mercator for its asset.

It said Koral successfully managed negotiations with Mercator, its client, Oriental Energy Resources and financial partners across multiple jurisdictions to design and implement a creative and sustainable financial solution for the benefit of all involved.

It said following the acquisition, Koral was focused on investing in the FPU to enhance service delivery to the Ebok field, offshore Akwa Ibom in the Niger Delta and increase production operations.

Commenting on the acquisition, the Managing Director, Koral, Patrick D’Osia said, “This was a complex transaction that required the alignment of multiple parties across many jurisdictions but plays to Koral’s strength in financial engineering, and we are very happy to have delivered a sustainable and strong solution for the benefit of all.

“We believe there is a significant opportunity in Nigeria’s energy sector, with a range of assets potentially available to companies like Koral, who can bring innovative financial skills combined with an understanding of African markets.”

According to the statement, the company recognises that in a low oil price environment, and with a broad need for industry and financial restructuring, its ability to bring financial expertise to support the industry will be attractive to a range of existing asset owners.

It said with both asset owners and service providers under pricing pressure, and disruption to production following a period of instability in the region, demand for investors willing to provide both equity and innovative financing structures was high.

“Koral maintains an ongoing interest in deepening its investment portfolio in the African energy industry and supporting other asset owners in need of innovative solutions,” the statement said.
 
 
 
 
 
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