In a notice recently published, the Asset Management Company of Nigeria (AMCON) has put up a Seawolf oil rig Delta Queen for auction. Aliyu Kiliya and co, an auctioning firm has been appointed by the Receiver /Manager of Seawolf Oil Services Mike Igbokwe (SAN).
The 26th of June was picked as the auction date, while potential buyers have between June 18-June 22 to inspect the rig, which is located at the INTELS Jetty, Calabar.
The notice also disclosed that the rig had been cold stacked since 2012. When a rig is cold stacked, it is essentially shut down and kept in storage.
Background to the AMCON take over
Seawolf Energy Services was established in April 2007 by Adolor Uwanu and Remi Okunlola. The company was mainly financed by First Bank while Leadway Assurance Plc and Pan African Infrastructure Development Fund took up stakes in the firm.
Proceeds from the funds were used to purchase three rigs Seawolf Onome, Seawolf Oritsetimeyin and Seawolf Royal Queen. Onome and Oritsetimeyin were built at a cost of $508 million. Onome and Oritsetimeyin are currently kept at Marina, lagos.
First Bank took possession of the rigs following the company’s inability to pay back an over N100 billion loan. The loan was subsequently sold to AMCON in 2011.
The Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when President Goodluck Jonathan signed the AMCON Act into law. The “bad bank” is owned by the Federal Government but its shares are held by the Central Bank of Nigeria (CBN) and the Ministry of Finance in trust.