The relationship between Samsung Heavy Industries and Lagos Deep Offshore Logistics (LADOL) has yielded another massive investment as both companies are pouring $400 million in a vessel fabrication and integration yard situated in Lagos, with an additional $200 million to follow in months to come.
According to a report in the NATION, the yard has the capacity for Floating Production Storage and Offloading (FPSO) integration and conversion.
LADOL (“The Base,”) is a new, state-of-the-art logistics facility, strategically located on an island at the point of entry into Lagos harbour, directly opposite Apapa Port in the LADOL Free Zone. As the first and only facility of its kind in Lagos, LADOL was created to ensure that Nigeria benefits directly from its deep offshore oil and gas reserves. By providing world-class facilities and services, LADOL will encourage the multinational firms exploiting the deep water oil reserves to utilize Nigerian companies to service their operations, creating jobs for Nigerians as well as ensuring training, knowledge and technology transfer into the country.
LADOL and Samsung Heavy Industries in October 2014 broke ground on a $300m state-of-the-art facility, Africa’s first and largest vessel fabrication and integration facility. The NLNG in April 2015 also announced a $1.5 billion dollar deal with Samsung and Hyundai to build 6 new ships.