Legal Answers LLP Advises Century Energy Services Limited On The Acquisition Of $40M FPSO “Armada Perdana”.
A team of Legal Answers LLP lawyers, led by partner and Principal Commercial Lawyer Teinane Okpokiti, has advised Century Energy Services Limited (Century) on the successful acquisition of Floating Production Storage and Offloading (FPSO) Unit “Armada Perdana”.
The Armada Perdana was acquired from Malaysian FPSO Operators Bumi Armada for US$40million. The FPSO Armada Perdana now renamed “Tamara Tokoni” would sail to the Okpoho Field in OML 119.
“We are delighted to have advised Century Energy Services Limited, a retaining client of the firm on these milestone acquisition in the offshore market. This transaction was very complex and involved multiple jurisdictions. Therefore, we are delighted to have closed this transaction in a timely fashion. Our solid experience handling these sorts of transactions combined with our offshore market depth and expertise means that we are perfectly placed to advise clients locally and internationally. Furthermore, the acquisition underpins century’s capabilities as a foremost independent FPSO operator and also the preferred choice for International Operators in the Nigerian market”
Ken Etete CEO Century said:
“With the acquisition, we can guarantee cheaper and efficient offshore solutions to Clients as a result of de-risking our operating environment using local resources and expertise. Our strategy is to complement and collaborate with International FPSO operators to achieve a reduction of offshore operation costs and ultimately supporting offshore development in Africa.”
Legal Answers team comprised Teinane Okpokiti (Partner); Prince Amadi (Partner); Olalekan Kareem (Associate) and Kunle Adewuyi (Associate).