A group of indigenous investors, under the auspices of ASCOT Nigeria Limited, has acquired the local subsidiary of United States multinational, Wilbros Engineering Services Company for $160m.
The American-based oil service company had closed its operations in the Niger Delta region, last year in the wake of militant attacks on oil companies and oil facilities, usually culminating in the kidnapping of foreign workers.
Addressing a press conference on Friday in Lagos, to announce the acquisition, the Chairman, Mr. Henry Imasekha, said its acquisition was �in line with the Federal Government�s policy on Nigerian content development in the oil and gas industry.�
He stated that the funds used in the acquisition were sourced from the financial institutions, but refused to name the banks involved.
He added that the actual cost of the deal was $150m while the balance of $10m was used for working capital.
He argued that the closure of the company was as a result of �strategic redirection in the US when oil prices were unbearably high.�
The chairman, who could not give detailed answers to most of the questions from journalists, insisted that the by the acquisition, ASCOT became �the first group of Nigerian investors to own a company of this size.�
He explained that although the new owners bought everything previously owned by Wilbros, �lock, stock and barrel,� including its existing liabilities, they, however, chose to retain its corporate identity because of its international reputation.