Samsung eyes future opportunities in Nigeria after $3.3bn Egina FPSO success

Posted by admin Headlines Saturday, January 12th, 2019

With the successful completion of the Egina Floating Production Storage Offloading (FPSO) unit and the achievement of First Oil in the facility, Samsung Heavy Industries, along with partners, could be justified in spending time looking back with pride.

According to a statement by the company, at the weekend, the completion of the largest floating oil platform in the world, Egina, would be an achievement for any yard.

“It is all the more extraordinary given this is the first ship fabricated by the $300 million fabrication and integration facility, which itself was created to build this ship.

“A number of records were broken during construction. This is the first ever project to meet Nigeria’s demanding new standards for ‘local content’, which in simple terms means Nigerian-owned business delivering work in Nigeria.

“This project went further than just that: Nigerian parts and expertise were even flown to Samsung’s headquarters in Korea to be installed in the early stages of construction of the Egina before it was sailed to Lagos for final construction,” the statement explained.

“This success story has been made possible through Samsung Heavy Industries’ belief in the potential of Nigerian companies and workers to deliver to their tough, exacting standards.

“Over 9.7 million hours of time have been spent by the Nigerian workforce, with over 6,000 Nigerians in employment on the project at its peak via Samsung and its partners and subcontractors,” the statement added.

“Perhaps even more exciting than this direct opportunity for the best companies and workers is the potential it opens up for the country as a whole.

“As we all know, the oil and gas industry is growing across the whole of Africa, and that means many more floating oil platforms and other pieces of large equipment need to be repaired, maintained and built,” the company said.

Before Samsung’s fabrication and integration yard (known as the SHI-MCI yard) was completed, the only choice was to complete this work outside of Africa, removing opportunity and investment from Nigeria’s shores.

“Now, the choice is clear: Nigeria is home to a world-class yard and is standing ready to take on the next challenge. Is this the end of Samsung’s ambitions for Nigeria? Not at all.

“Their vision is a future of extraordinary growth and opportunity, building on their now-proven model for heavy involvement of local companies and local workforce talent.

“The combination of Korean efficiency and expertise, fused with Nigerian talent and passion, presents limitless possibilities for a future repairing, maintaining and building high value ships to serve needs in Africa and beyond – just watch this space,” the company added.

-Sunwp_posts