The Nigeria Content Development Management Board (NCDMB) and the Asset Management Corporation of Nigeria (AMCON) have applauded the equity investment made by Africa Capitalworks (ACW) into Dorman Long Engineering Limited (DLE) aimed at strengthening indigenous players in the oil and gas sector.
The executive secretary of NCDMB, Simbi Wabote who stated this at the investment signing ceremony which held in Lagos yesterday, said the equity investment will position Dorman Long to play major role on fabrication contracts in the oil and gas sector and further promote in-country content development.
“Thank you AMCON for keeping Dorman Long alive. Thank you, Africa Capitalworks for what you have done with Dorman Long. This investment gives hope to indigenous contractors and what we are doing with local content policy in the oil and gas sector. I am look forward to celebrating 100 years of Dorman Long.
Also, the managing director of AMCON represented by group head, asset management, Ben Daminabo, stated that the general news associated with AMCON was that of takeovers and liquidations of companies, he said Dorman Long however, has been able to keep to corporate governance rules which has made it to remain standing and attracted a major investor as ACW.
The managing partner of ACW, Nana Sao said: “We look forward to partnering with the DLE team to support its next phase of growth. It has built a strong reputation over 70 years of operating in Nigeria and its manufacturing facilities have internationally-recognised quality and product certifications. We are thrilled to support DLE’s accomplished management team in this dynamic sector.”
The chairman of Dorman Long, Dr. Timi Austen-Peters said, “This investment marks the start of a new journey for Dorman Long, and I am delighted in the vote of confidence executed by our partner, ACW. We have partnered with ACW on the basis of its complementary skillset, strategic insights and differentiated value proposition as a permanent capital vehicle.
“We look forward to accelerating the implementation of our growth plans and expanding our rich range of capabilities and geographical presence.” ACW’s investment will allow DLE to expand existing yards, acquire additional facilities and expand its service offering.
DLE has successfully executed major engineering services works, including onshore flow stations and major structural fabrication and erection, amongst others, for almost all oil majors and energy services companies operating in Nigeria, including Shell, Mobil, Addax, Agip, NLNG, Chevron, Saipem, Daewoo, Dangote Group, Nigerian Navy, American Towers Company and JC Decaux.