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   Market Date: 29-09-2014   
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Costain West Africa pre-qualified for LNG projects

Category: Oil Sector

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Costain West Africa pre-qualified for LNG projects

Costain West Africa Plc said on Thursday that it had been pre-qualified for various liquefied natural gas projects in Nigeria.


The projects include civil engineering works for the foundation for Bonny Island Train 7, operated by the Nigeria LNG Limited; the housing estate and foundation plant for Brass LNG, as well as the housing estate for the relocation of communities around the Olokola LNG.


While the two projects at Brass were pre-qualified at the cost of $100m each, the costs for the LNG Train 7 and OK LNG could not be disclosed.


The Managing Director, Costain, Mr. Philip Wharton, who disclosed this at an interactive session with journalists in Lagos on Thursday, was optimistic that the construction company would win the contracts.


He noted that Costain had demonstrated a high level of local content in its projects execution, and was willing to work in the Niger Delta, where other companies were shying away because of the crisis in the region.


“Costain had already executed other projects in the area such as the construction of the Warri Stadium, the building of a block of flats for Shell Trustees, and the Governor’s Residence in Asaba, the construction of the Rivers State Secretariat, and the upgrading of the Port Harcourt Ports,” he said.


To raise its capital following the $37m acquisition deal of Costain West Africa by the Shoreline Group, he said Costain, had got approval to make a public offer to regain its leadership position in the construction industry.


He said that the shares would be widely accepted, especially as the unit price at the shares stock exchange had risen by over 700 per cent from pre-acquisition price of N1.60 to N10. 24 on Wednesday.


He said the company was the first construction company to be quoted on the Nigerian Stock Exchange, having being listed since 1974, which was rapidly expanding its portfolio from construction and engineering to include homes, furniture and customised project delivery. .


Apart from the LNG and construction projects, Wharton stated that Costain West Africa had also submitted a bid to the Bureau of Public Entreprises for the purchase of the 60-megawattt Ijora Power Plant, which was built by Costain.


The Group Managing Director, Shoreline, Mr. Kola Karim, stated that the plant was currently operating at six per cent of its total output, adding that Shoreline, upon the acquisition of the plant, intended to make it a double-fuel plant, powered by its high pour fuel oil as well as gas.


He stated that the group’s vision was to become “a leading provider of infrastructure, power and engineering services.”


According to him, “There is a huge potential and market for infrastructure development in Nigeria. We want to build the Nigerian dream with people known for excellence. We want to build a company not just out to maximize profit but a company that will survive over time.” - Punch

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