Shoreline Energy International, an industrial conglomerate owned by Nigerian tycoon Kola Karim, has acquired a 51% stake in Entrepose DBN, a leading provider of construction and mechanical services to IOCs, NOCs and junior oil companies in Nigeria.

According to a press release issued by Entrepose, the transaction will help accelerate the development of Entrepose DBN and expand its reach across the Nigerian industrial sectors as the two companies will merge to create a leading Engineering, Procurement and Construction (EPC) contractor for key onshore and offshore Oil & Gas projects in Nigeria. Financial terms of the deal were not disclosed.

Entrepose DBN is the Nigerian subsidiary of VINCI, a French concessions and Construction Company listed the on Euronext with a market capitalization of more than $45 billion. Headquartered in Lagos and founded in 1978, Entrepose DBN designs, builds, and operates infrastructures for production, transport, and storage in the oil and gas industry and other energy sources.

Source: Forbes