FIRSTBANK SUPPORTS OIL FIRM ON MARINE VESSEL
February 27, 2015
As part of its continued drive to improve local content in the nation’s oil and gas industry, First Bank of Nigeria Limited has given a boost to the capability of one of its corporate customers, Petrolog, by funding the acquisition of a brand new ABS classed Dynamic Positioning (DP2) Dive support Vessel “DSV Vinnice”.
The vessel which is 85 metres long with a beam of 22 meters is the largest indigenously owned DSV in its class and is capable of providing diving, offshore construction and field support. It is equipped with 4 point mooring system, 100 tons AHC Crane, Shaft generators for the two bow thrusters and two firefighting pumps. It is powered by 3 main 800kW Caterpillar generators, the vessel is also equipped with a 192kW emergency generator and the saturated diving system is powered by dedicated 800kW main and 400kW emergency generators. The Vessel is also equipped with an ABS classed Air dive system for more shallow subsea diving activities and will be commissioned for business operations on Tuesday, March 3, 2015.
The Insurance on the vessel was packaged by FBN Insurance Brokers with a consortium of indigenous insurance companies led by Leadway Assurance, AIICO Insurance and FBN Insurance Limited.
According to the Group Managing Director/Chief Executive Officer of FirstBank, Bisi Onasanya, the Bank is delighted to be a part of this major milestone achievement by supporting indigenous participation and local content in the nation’s oil and gas sector, especially the upstream end. This further demonstrates our commitment to increase the capability of corporate customers as we continue to put them first in the heart of our business. He promised the bank’s continued partnership with and assistance to the company to enable it fulfill its vision and corporate objective of being an industry leader in the provision of support services to the oil and gas companies.
The Executive Chairman of Petrolog limited, Dr. Vincent Ebuh commended the Bank for believing in the management by supporting their dream from inception, a factor he said helped them to realize the company’s goals and business objectives.
“FirstBank has been helpful from day one; they have provided us with the financial muscle needed to succeed in our line of business,” he said.
Petrolog Limited, a found PETAN member is the leading and the biggest indigenous service provider in the upstream sector of the oil and gas industry. With over 30 years of industry experience, the company provided detailed engineering services, Offshore drilling, Down hole analysis, Subsea solutions and vessel chartering services in Nigeria and across the continent.
First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.
FirstBank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2,464 ATM’s and over 9 million customer accounts. The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DR Congo, FBNBank Ghana, International Commercial Bank (ICB) The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.
FirstBank is the recipient of many awards. The Bank has been named “The Best Bank Brand in Nigeria” four times in a row – 2011, 2012, 2013, and 2014 – by the globally renowned “The Banker Magazine” of the Financial Times Group. FirstBank’s brand purpose is to always put its stakeholders, customers and partners at the heart of its business, even as it is poised to standardize customer experience and excellence in financial solutions across Sub Saharan Africa, in consonance with its brand vision “To be the partner of first choice in building your future”. The brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on the FirstBank’s inherent values of passion, partnership and people, to position its customers first in every respect.
For three consecutive years, 2012, 2013 and 2014, FirstBank was named the “Best Retail Bank in Nigeria” by the Asian Banker International Excellence in Retail Financial Services Awards. Other recent awards include the “Best Bank in Nigeria” in the Euromoney Awards for Excellence, “Best Bank in West Africa” and “Most Innovative Bank in Africa” in the African Banker Awards, “Best Bank in Nigeria” in the EMEA Finance African Banking Awards for the fourth time, “Best Foreign Exchange Services in Africa” in the EMEA Finance Treasury Services Awards, “Best Banking Group in Nigeria” by World Finance Banking Awards, and “Best Financial Reporting Company” by Africa Investor.
Head, Marketing & Corporate Communications