Petroleum Africa
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Thursday, April 13, 2017
Koral Energy International Ltd. has acquired a floating production unit (FPU) and the associated O&M contract from Singapore-based Mercator. Koral was established in Mauritius to leverage emerging opportunities in Africa’s energy industry, with an initial focus on Nigeria
The FPU and O&M contract, which marks its first strategic investment in Africa’s energy sector, will have Koral working on a project offshore Nigeria.
In late-2016 Koral entered into discussions with Mercator, who were seeking to re-structure operations globally, and were able to design a financial solution that delivers on-going cash flows for Koral while delivering value to Mercator for their asset. Koral successfully managed negotiations with Mercator, its client, Oriental Energy Resources and financial partners across multiple jurisdictions to design and implement a creative and sustainable financial solution for the benefit of all involved.
Following the acquisition, Koral is focused on investing in the FPU to enhance service delivery to the Ebok field offshore Akwa Ibom in Nigeria’s Niger Delta and to further increasing production operations.
Commenting on the acquisition, Koral Managing Director Patrick Vallette D’Osia said: “This was a complex transaction, that required the alignment of multiple parties, across many jurisdictions, but plays to Koral’s strength in financial engineering and we are very happy to have delivered a sustainable and strong solution for the benefit of all. We believe there is a significant opportunity in Nigeria’s energy sector, with a range of assets potentially available to companies like Koral, who can bring innovative financial skills combined with an understanding of African markets”
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