By Udeme Ekwere   Thursday, 27 Jan 2011

Shareholders of Geo-Fluids Plc have been assured of improved returns on their investments, as the company concludes plans to list its shares on the floor of the Nigerian Stock Exchange.

The Group Managing Director of the company, Dr. Ala Ibanibo, who said this in a statement on Wednesday, noted that the shares would be listed before the second quarter of 2011.

He said, “We are very positive about the upbeat of our operations in 2011. Operations have seriously increased, and these will enhance our income generation. Of course, profit is a function of income generation. We are going to be listing our shares on the floor of the NSE after our shareholders’ approval at the Annual General Meeting.”

Explaining the loss recorded by the company the previous year, he said, “Primarily, the loss we experienced in 2009 was as a result of the drop in activities arising from the insecurity in the Niger Delta, which is our primary area of operation. Our clients dropped their activities when the risk was high. You know that in the industry, safety is first, the general slogan is, ‘if it is not safe, then don’t do it’.

“Most of our customers stopped operations and that affected our income generation capacity. We empathise with our investors who put their money in our company at a time we came for private placement. We are making progress, and we are hoping that in 2011 we will start generating revenue from our operations in the Ghana subsidiary.”

Ibanibo noted that the company’s recent acquisition of two new oil-field service vessels would aid its production and expansion drive in the oil exploration and production industry.

He said, “The new vessels, which are both 58.7 metres multi-purpose supply vessels are designed to accommodate a range of work scopes. These MPSVs are designed to support the oil and gas industry by providing supply and general supports, construction support, maintenance support and underwater pipeline inspections and laying.”

He added that the vessels were also equipped with sophisticated dynamic positioning systems, fire protection and fire fighting capabilities for deep sea operations.

“With acquisitions such as these, the Nigerian Maritime industry is slowly but surely joining advanced countries in the provision of advanced maritime operations support vessels, thereby giving the required credibility of the Local Content Act, while investors have a lot to benefit in terms of returns on their investments in the company,” he said.

Source: Punch