₦airaland Forum

Yes, mismanagement has kept the rigs in this state. I worked on Onome while it drilled for Addax for 3yrs or so. Seawolf is owned by Delta ex governor Ibori.

alwaysvik:
FACT:
The rigs are there because they have been seized by First Bank. First bank is the major financier for Seawolf. The company has reportedly failed to honor its obligations to service the loans obtained from the bank, in spite of massive contracts awarded for the rigs.

If you ask me, its all about mismanagement. Total E&P terminated contracts with the rigs coz the owners failed to account for 11 million dollars meant for training of manpower and purchase of equipment for the rig. Also the company has laid off over 400 workers due to inability to pay salaries, and to think that the rigs pump out up to 150,000 USD per day, while offshore.

SOURCE:
http://www.vanguardngr.com/2015/02/firstbank-seizes-seawolfs-rigs-over-n25bn-debt/
http://www.thisdaylive.com/articles/seawolf-signs-n22bn-drilling-contract-with-exxonmobil/125833/


OPINION:
There goes the Nigerian business model. Bad at handling good business. HiTV comes to mind here. Give them the Burj Arab to handle and I'm convinced that they will run it down. I doubt this would have happened if Foreigners owned these rigs. Our people like to show wealth long before its mature.

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