Africa Oilfield Logistics has announced that it has acquired a 49 per cent interest in cash generative oilfields and logistics business firm Ardan Risk & Support Services
In addition to the acquisition, the company has been granted exclusivity period of 180 days to enter into another agreement to acquire the remaining 51 per cent interest in Ardan.
Africa Oilfield Logistics is an investment company established to invest in the oil and gas logistics support industry in sub-Saharan Africa.
According to company sources, this deal will represent maiden transaction for Africa Oilfield Logistics in accordance with its investment strategy to acquire or invest in businesses associated with the oilfield services and logistics support industry.
Andrew Groves, manager of Africa Oilfield Logistics, said, “Ardan represents a compelling investment opportunity for Africa Oilfield Logistics, combining a strong industry reputation, a secure client list of oil and gas majors and significant growth in revenue over its five years of operation.
“I am confident that the considerable growth that the Ardan team have achieved over recent years can be further enhanced and to facilitate this, Africa Oilfield has committed to provide funding to accelerate Ardan’s expansion into new services and geographic regions and attract further ‘blue chip’ oil and gas clients to Ardan’s roster.”
Ardan Risk & Support Services’ focus since incorporation has been on East Africa, with much of the growth leveraged to the increase in exploration around the Rift Valley area in Kenya, sources added.
The firm currently operates in Kenya, Ethiopia and Mauritius. It has an established ranch office in Ethiopia and is also focussed on expansion into other East African jurisdictions including Mozambique, Madagascar, Tanzania, as well as exploring growth opportunities in west and north Africa.
