Century Energy closes acquisition of $40m FPSOs from Bumi Armada

A team of Legal Answers LLP lawyers, led by partner and principal commercial lawyer Teinane Okpokiti , is  advising Century Energy Services Limited on the successful acquisition of Floating Production Storage and Offloading  (FPSO) ships , “Armada Perdana” and “Front Puffin”.

The Armada Perdana which was acquired from Malaysian FPSO operators Bumi Armada for $40million, is now renamed “Tamara Tokoni” and would sail to the Okpoho field in Oil Mining Lease (OML) 119.

The FPSO Front Puffin bought via the acquisition of the Puffin Limited from Sea Production Limited a subsidiary of Rubicon Offshore International, is currently deployed at the Aje field OML 113, offshore Lagos, where it is operating under charter to Folawiyo Aje Services Limited. Century has been undertaking the operation and maintenance of the vessel since 2016 when she was first deployed to the Aje field.

Commenting on this development, Teinane Okpokiti said, “We are delighted to have advised Century Energy Services Limited, a retaining client of the firm on these milestone acquisitions in the offshore market. Both transactions were very complex and involved multiple jurisdictions. Thus, we are excited to have closed both transactions in a timely fashion . Our solid experience handling these sorts of transactions combined with our offshore market depth and expertise means that we are perfectly placed to advise clients locally and internationally. The acquisitions underpin century’s capabilities as a foremost independent FPSO operator and also the preferred choice for international operator in the Nigerian market.”

The Chief Executive Officer, Century, Ken Etete said, “With the acquisitions, we can guarantee cheaper and efficient offshore solutions to clients as a result of de-risking our operating environment using local resources and expertise. Our strategy is to complement and collaborate with international FPSO operators to achieve a reduction of offshore operation costs and ultimately supporting offshore development in Africa.”

 

Source: The Sun

 

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