ATLANTA, June 14, 2016 /PRNewswire/ -- First National Partners of Atlanta, GA structured and sourced financing for Fairway Offshore, a local Nigerian marine service company, to make an offer to acquire from foreign ownership, develop and expand a shipyard located in Onne Port Complex, Nigeria, which is a free zone and the logistic center for the oil and gas industry. Proposed funding is US$62.2mn.
Founded in 2005, the Fairway Offshore is a maritime support service whose vessels are currently under contract to Texaco and ExxonMobil. The 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 new builds for operation in Nigerian waters".
Over the next five years Fairway Offshore is forecasting growth reaching gross annual revenue of approximately $12mn.