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Seven Energy reports steady financial performance

30 April 2015, 12:34 Okoro Chinedu

Lagos - Seven Energy International Limited, the independent Nigerian integrated oil and gas development, production and gas distribution company, has announced a positive set of results for the full year ended December 31.

According to the company, revenues were up 10 percent on prior year to $378 million.

The commencement of gas deliveries to our customers in the south east Niger Delta contributed revenues of $33 million.

Earnings before interest, taxes, depreciation, amortization and exploration (EBITDAX) for 2014 was up 35 percent to $273 million.

Profit after tax for 2014 increased by 41 percent in to $55 million.

Phillip Ihenacho, Chief Executive Officer, Seven Energy, expressed pleasure with the company’s progress over the past year.

He said the firm had increased its gas customer base to five, and doubled our gas production and processing capacity to 200 million cubic feet per day.

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The growth and further potential of the business has been recognised by international investors, with Temasek, IFC and the IFC ALAC Fund investing equity in the Group, and a broad collection of investors participating in the $400 million bond issue, including the Nigeria Sovereign Investment Authority.

“We see a vital, commercial role for Seven Energy in contributing to the development of a sustainable and diverse economy in Nigeria that is significantly less dependent on oil,” Ihenacho said.

The Group's focus is on leveraging and growing its strong gas delivery position in the south east Niger Delta, further developing its gas infrastructure including progressing the construction of the Oron to Creek Town pipeline to meet contracted and incremental gas demand in the Calabar area.

Seven Energy stated it had a 2015 Funding Plan that includes the refinancing of the Accugas Project Finance and Acquisition Finance Facilities into a single combined facility and securing up to $125 million of additional debt or equity funding.

- CAJ News

Tags finance

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