Nigerian Tycoon Taiwo Afolabi Eyes Offshore Vessel Expansion After Indimi's 315 Million Bet

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nigerian tycoon taiwo afolabi eyes offshore vessel expansion after indimis 315 million bet

Just months after Nigerian billionaire Muhammadu Indimi marked a milestone in the countrys oil sector with a 315 million offshore vessel, another local tycoon is following suit. Taiwo Afolabis SIFAX Marine, a unit of SIFAX Group, announced plans to acquire additional offshore support vessels to boost capacity and respond to growing demand in the oil and gas sector.

Indimis FPSO boosts offshore Nigeria output

Indimis company, Oriental Energy Resources Ltd., recently celebrated the sailaway of the EMEM floating production , storage, and offloading vessel, or FPSO, which will serve as the production hub for the Okwok field offshore Nigeria. The EMEM, named after the late matriarch of the Indimi family, was converted at Dubais Drydocks World shipyard.

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