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Elumelu, Seadrill in major West African transaction

30 August 2013, 08:01

Lagos - Heirs Holdings, the pan-African investment firm Nigerian billionaire Tony Elumelu owns, has acquired a significant stake in Seadrill Mobil Units (Nigeria) Limited, an affiliate of one of the world’s leading offshore deepwater drilling companies.

Elumelu has subsequently been appointed as chairman of the Board of Seadrill Mobil Units.

Elumelu said the partnership sets the stage for greater development in our energy sector, driven by local talent and should serve as a model for further, genuine, indigenous participation, creating both economic and social impact.

“Seadrill is a significant player in the oil and gas space, with a strong track record and one of the most respected names in the industry.  The partnership makes strong commercial sense, bringing together a major global player and a leading African participant in the oil and gas industry.

"Successful development of Nigeria’s deep water oil and gas fields is of strategic importance for our country. This is an important part of our own approach of creating synergistic added value investment across the energy sector, from extraction to processing and perhaps most importantly for Nigeria, industrial production and power generation,” he added.

The acquisition of a stake in the local entity of the New York and Oslo Stock Exchanges-listed Seadrill is further evidence of Elumelu’s strategy of increasing African businesses participation across the oil and gas value chain, and complement existing interests in oil and gas production and exploration.

Seadrill, the world’s leading offshore driller,operates the second largest ultra-deepwater fleet and largest premium jackup fleet in the industry with 7 500 staff in 15 countries.

– CAJ News


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