First National Partners of Atlanta, GA, structured and sourced financing for Fairway Offshore, a local Nigerian marine services provider, to make an offer to acquire from foreign ownership, develop and expand a shipyard located in Onne Port Complex, Nigeria, a free zone and a logistic center for the oil and gas industry. Proposed funding is $62.2 million.
Founded in 2005, Fairway Offshore is a maritime support service operator whose vessels are currently under contract to Texaco and ExxonMobil.The shipyard acquisition will allow Fairway Offshore to build upon and further service its current client base.
It will immediately expand vessel maintenance by adding a new dry dock and enter the vessel construction and repair business. This will enable the shipyard to conform to current Nigerian law which gives bidding preference to local firms, "thereby ensuring the development of the already proven shipbuilding capability within country by us and ensuring commercial preference for newbuilds for operation in Nigerian waters".
Over the next five years Fairway Offshore is forecasting growth reaching gross annual revenue of approximately $12mn.
Source: First National Partners