Temile Signs $120m Ship Building Contract
Temile Development Company Limited, an indigenous shipping company operating in the Nigerian oil and gas industry, has signed a ship building contract with South Korean shipbuilder; Hyundai Heavy Industries Limited, to build an optional Liquefied Petroleum Gas (LPG) carriers.
Both vessels are valued at over $120 million with the first carrier expected to be delivered by the first quarter of 2020.
The contract, which was signed in London recently between Temile Development Company and Hyndai Heavy Industries officials was witnessed by the CEO, Nigerian liquefied Natural Gas Company (NLNG), Mr. Tony Attah; Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB) Engr. Simbi Wabote and the Deputy Managing Director, Fidelity Bank, Mr. Mohammed Balarabe.
Fidelity Bank was the main banker to Temile Development Company Nigeria Limited.
Temile Development Company Limited is a 100 per cent wholly owned Nigerian company which five years ago began its marine and offshore operations, with a vision to revolutionise the shipping business in Nigeria. The company’s fleet comprises of 16 offshore vessels, acquired within the last 5 years.
The new carriers would be the first of their kind in the West African oil and gas market and would enable the company service an on-going time charter LPG contract with NLNG.
“We have extensive experience in various sectors of the oil and gas industry in Nigeria, with particular interest in the offshore shipping and logistics. Our entrance into LPG market is exciting and we are in very safe hands to have ordered a LPG carrier from Hyundai Mipo Dockyard. This will no doubt increase the participation of Nigerian investors in the LPG space,” the CEO, Temile Development Company Limited Mr. Alfred Temile said.
Also speaking at the ceremony, CEO, NLNG Mr. Tony Attah said the transaction was ground breaking, explaining that it supports the quest to develop the domestic LPG market and aid the growth of indigenous companies in the process.
“NLNG’s domestic LPG intervention scheme aligns with our business focus of bringing energy to the world and helping to build a better Nigeria” Attah stated.