By Ademola Alawiye

Monday, 20 Dec 2010

The management and board of directors of Geo-Fluids Plc have assured shareholders of the company of good returns in the next financial period.

The Group Managing Director, Geo-Fluids, Dr. Ala Ibanibo, said this at the inauguration of two newly acquired multi-purpose vessels in Lagos on Thursday.

According to Ibanibo, the current focus of the management is to delight shareholders with good returns.

He added that shareholders remained one of the most important stakeholder groups of the company.

He said, “We need to show to our investing public what we have done with the money they invested in this company. When they know we are using the company‘s money judiciously, it will boost their confidence in us.

“We promised those who bought shares during our private placement that we were going to invest the money in acquiring dynamic vessels, and in fulfillment of that promise, we are dedicating these vessels today as part of our globalisation strategy. This is also to generally expand our frontiers in the business.”

Ibanibo said that the multi-purpose supply vessels were designed to support the oil and gas industry by providing supply and general supports, construction support, maintenance support and underwater pipeline inspections and laying.

Ibanibo added that the vessels had the capacity to support rescue operations, tanker assistance, towing and unloading liquid cargo to rigs and production platforms.

He said, ”The new vessels are both 58.7 metres long, designed to accommodate a range of work scopes. They are also equipped with sophisticated dynamic positioning systems and fire protection for deap sea operations.

“With acquisitions such as these, the Nigerian maritime industry is slowly but surely joining advanced countries in the provision of advanced marine operations support vessels, thereby giving the required credibility to the Nigerian Content Act.”

Source: Punch