As part of its efforts to boost local content development in the Nigerian oil and gas industry, Marine Platforms Limited, an indigenous oilfield servicing company, has acquired two high-capacity boats that will up its technical capacity in service delivery in the deepwater operations and this would ultimately enhance Nigeria’s crude oil production.
The boats are HQ1200, African Pioneer which are top-notch in their own class.
Speaking to Business Standards at the company’s corporate headquarters on Victoria Island in Lagos, the Chief Executive Officer of the company, Taofik Adegbite, gave an insight into what led the company into acquiring the two new vessels and also the plan to establish an operational office in Dubai.
According to him, the African Pioneer, which is a very capable vessel, was purchased to conserve cash.
He disclosed that the sale of African Inspiration, its flagship boat, was the company’s fourth or fifth strategy to clean its balance sheet.
“The African Inspiration was sold to pay the company’s debts, and paying the debt puts the company on very good financial footing,” he explained.
Adegbite stated that, to avoid a repeat of the past, which resulted in the company selling its asset to net off its debt, it has now decided to work closely with the banks via boat chartering with purchase options. This is something like hire purchase. The payment is gradual, unlike the other options.
Marine Platforms has the option to buy the vessel after three years. Even though African Pioneer was the vessel that is known to the public, the company has also purchased another vessel known as HQ1200, another laudable investment.
The boat HQ1200, rather than buying it 100%, the company acquires just a 51% equity stake in it. This made it the majority stakeholder in the joint venture. These two new high-capacity vessels that Marine Platforms has in its kitty can be deployed within a short time to carry out service jobs even in the most complex deepwater terrains across the globe. The acquisition of these two vessels brings to five the total number of vessels owned by the Marine Platforms within the Nigerian territorial waters.
HQ1200 and the journey to its acquisition
The acquisition of this boat has elicited celebration in the company. This is a pipe-laying vessel. There are just 10 of its type in the world, and they are shared among the big multinationals such as Technip, Saipem, Subsea 7, All Seas and others.
Technip had two of such vessels but had to sell them during Covid-19. One was sold to the Chinese and another one to Indonesians. However, it was stated that the Chinese company that bought one of the vessels is not a construction company, but another company was formed through which the vessel was always contracted out.
Marine Platforms has been eyeing the boat for some time now and kept monitoring it; eventually, it approached the Chinese company for the purchase of the boat. However, there were two previous attempts by the company to acquire the vessel, but it had to suspend them.
The reason the management of Marine Platform so much desired the boat initially was because it wanted to position itself properly in anticipation of some of the big deepwater projects like Shell’s Bonga North in Nigeria. Unfortunately, it held back when the company realised that the bid process for the project did not go the way they thought it would go. Consequently, it then tarried a while and suspended the pursuit of the boat.
There was another attempt to purchase the vessel when, in one of the neighbouring countries, there seemed to be an opportunity, as the country was planning to do bidding for an upcoming deep-water project where the boat could be useful. Unfortunately, the project was delayed, and the company again had to suspend its purchase for the second time. These suspensions happened because the company felt it important to purchase such a boat on the back of a project.
The boat is expected to undergo some modifications so that it can be suitable for some of the deepwater projects it may be deployed to.
The HQ1200 came with a 1,200-tonne crane. So, it is capable of doing any new job that the company would get from its clients.
Thinking beyond the Nigerian shore, the company stated that the boat has been qualified to be proper and fit for the Nigerian–Morocco Gas Pipeline project. This certification was given during the Front End Engineering and Design (FEED). The standard practice is that while FEED is going on a particular project, Vessels that have capacity to do the project are also identified. HQ1200 is adjudged to have what it takes to participate in the multibillion dollar Nigerian- Morocco Gas Pipeline .
The vessel is also eminently qualify to handle the Bonga Southwest Project when given the opportunity, the CEO, Taofik Adegbite, said.
On why the company had to acquire a 51% stake in the vessel and not 100%, he stated that the reason it had to acquire 51% was because it does not have jobs for 365-day projects in a year to operate on. The Chinese maintain 49% equity.
With this arrangement the Chinese will now have to market the boat in Asia and Asia Pacific, while Marine Platforms will market in Europe, America and the Middle East.
On the back of this development, Marine Platforms is now looking at setting up an operational office in Dubai, which now oversees the international operations of the company. This is because they both can work anywhere.
This is part of the strategy for now and the future of the company to diversify on the value chain, the ceo stated.
African Pioneer
The African Pioneer is a construction vessel just like the African Inspiration, but it is bigger, and it is bareboat.
The DSV African Pioneer berthed in the Nigerian territorial waters, precisely, at the Onne Port, in the early hours of June 27, 2025.
The vessel, formerly known as CM Pioneer and Ultra Deep Matisse, completed its long sail from China with a stopover in Cape Town where the official name change and christening were concluded. Now proudly bearing the Nigerian flag.
The arrival of the African Pioneer marks a significant step in MPL’s growing offshore presence, for its upcoming life-of-field assignment with Chevron Nigeria Limited on the Agbami Field. The mobilisation process includes ROV system checks, personnel onboarding, deck inspections, and final readiness procedures. After completion she will then sail offshore for operations.
Purpose-built for deepwater intervention and subsea construction, African Pioneer is equipped with a 400-ton active heave-compensated crane, 2 work-class ROV systems launched via dedicated LARS, triple moon pools, a 24-man, twin bell saturation diving spread rated to 300 meters. Diving operations will be executed in collaboration with Mermaid Subsea Services. The vessel also features a spacious 1400 sq,m deck and accommodation for up to 140 personnel, offering a premier platform for both IRM and Construction Projects.
Advice
On the advice he has for his counterparts in the industry, Adegbite said people should focus on quality assets that can retain their value so that in terms of crisis they would be able to sell.
For example, the African Inspiration commanded its price, selling for $85 million after using it for 10 years.
Nigeria’s deepwater
He explained that the Nigerian deepwater is opening up really well, and this is why the company is positioning itself for the opportunities that would arise from the activities from it.
He advised that Nigerian companies should brace themselves for the international oil companies and develop their competencies and skills so that they can secure jobs from the IOCs.
“The asset could save Nigeria more foreign exchange; for instance, the oil production is above 1.8 million barrels per day. If we have more production, there would be more foreign exchange, because we would have more oil to sell and there would be no arbitrage loss again. Foreign investment will come; there would be incentives to drill more wells. Above all, the government would have more money to invest in other areas, and the country will prosper,” it was stated.
He stressed that those assets will contribute to the operations of the international oil companies; and this will ultimately enhance Nigeria’s crude oil production.
