Nestoil Limited acquires IMPaC Oil & Gas Engineering Ltd
Nestoil Limited recently announced the acquisition of IMPaC Oil & Gas Engineering (Nigeria) Limited.
Following the acquisition, Dr. Ernest Azudialu-Obiejesi has become the new Chairman of IMPaC Oil and Gas Engineering Limited. The management of IMPaC Nigeria, however, will remain the same, with Denis Bone retaining his position as the Managing Director.
Established over 16 years ago, IMPaC Oil and Gas Engineering Ltd is a foremost engineering services firm formed as the Nigerian arm of the larger 25 year old IMPaC Offshore Engineering GmbH with head office in Hamburg, Germany. The company’s broad based engineering disciplines include process control and instrumentation, electrical, telecoms, automation, drilling, mechanical, pipeline, piping, civil, structural, naval and procurement. Following the acquisition, IMPaC Nigeria Limited is now wholly owned by Nestoil but will continue leveraging on the expertise and experience of IMPaC Group worldwide since IMPaC Offshore GmbH will continue to provide technical services support to IMPaC Nigeria.
Although the price of the transaction was not disclosed, the acquisition is viewed as a strategic move on the part of Nestoil Limited towards consolidating its position as the leading indigenous Engineering, Procurement, Construction and Commissioning (EPCC) provider in the Nigerian Oil and Gas industry.
According to a statement by Nestoil, the deal is consistent with Nestoil’s strategy to concentrate its footprint on the Oil and Gas sector. “This acquisition will add significant resources to our existing portfolio. With the pedigree of both Nestoil and IMPaC in their respective core areas, this acquisition is a positive development for the Nigerian Oil and Gas Industry.”