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As you may already know, there has been a recent uptick in global oil prices which has, as expected, influenced growth in many oil companies around the world. In Nigeria, for instance, many of the leading explorers and oil services firms have been reporting positive financial performances every quarter since the beginning of the year. One of such companies is Global Spectrum Energy Services Plc, a relatively new and little-known company that is positioning itself to snatch up market share.

This week’s Nairametrics company focus will let you in on everything there is to know about Global Spectrum Energy Services Plc. Get to know about the company’s various services, market opportunities, ownership structure, board of directors, competitors, and every other useful information you need in order to make informed investment decisions.

Corporate overview of Global Spectrum Energy Services Plc

Established in 2006, Global Spectrum Energy Services Plc operates in some of West Africa’s key oil and gas industries, especially Nigeria’s. Its business model entails the provision of integrated offshore support services such as maritime security, logistics, engineering services and more.

A special resolution dated July 2013 ensured that the company, which was initially incorporated as a limited liability, was later converted to a public company. As we reported, this conversion happened on November 27th, 2017 when some eight hundred million ordinary shares belonging to the company were listed on the main board of the Nigerian Stock Exchange (NSE). It currently has a market capitalisation of N4.6 million, according to the NSE.

Information available on the company’s website claims that “we are pioneering some of the leading-edge technologies and innovations” in Africa’s oil and gas sector. While this claim could best be seen as a marketing strategy, the truth remains that this company is indeed gradually becoming a force to reckon with in the market.

A closer look at the company’s services

Global Spectrum Energy Services Plc aims to become a pre-eminent player in Africa’s offshore and onshore support services sector. Interestingly, the company is already making moves to this effect by operating not just in Nigeria, but also in other key West African oil and gas sectors such as Ivory Coast, Ghana, Equatorial Guinea, etc.

Listed below are some of the services that the company offers:

  1. Offshore Support and Port Services   
  2. Maritime Security and Protection Services  
  3. Integrated Logistics Management  
  4. Towage & Pilotage Services  
  5. Supply of Vessels, Patrol Boats and Anchor Handling Tug  
  6. Supply of Maritime Machinery, Equipment, Spare Parts and Consumables  
  7. Ocean Towing, Barge Conveyance and other Marine Transportation Services  
  8. Maritime Crew Management, Recruitment, Training and Consulting Services  
  9. Diving Services, ROV Operations and Associated Sub Sea Services 
  10. Major Construction Services – Installation and Upgrade of Onshore/Offshore Production Facilities and Platforms

The company’s target market

As an integrated offshore support provider, Global Spectrum Energy Services Plc targets oil companies, especially those ones that are engaged in offshore crude exploration activities such as Exxon Mobil and Total. It also targets oil companies which generally need support in the areas of vessel rental, security services, logistics, etc.

A brief look at the company’s board of directors

Engineer Godwin Eyarubere Omene: He is the Chairman of Global Spectrum Energy Services Plc. He graduated with a First Class degree in Mining Engineering from the Imperial College of Science and Technology, London. He is also an experienced business executive, having spent years at Shell Petroleum Development Company (SPDC) of Nigeria where he headed many key executive positions including Deputy General Manager and later General Manager. He was also the pioneer General Manager of the Niger Delta Development Commission, NDDC.

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Asides his current position as the Chairman of Global Spectrum, Engineer Omene also sits on the boards of other numerous organisations, including Neimeth International Pharmaceuticals Plc where he has been serving in the capacity of a Non-Executive Director since 2008.

Mr. Colm Doyle is the Chief Executive Officer of Global Spectrum Energy Services Plc, a position he has held for more than six months. He is a seasoned business leader with some thirty years’ experience in the global oil and gas industry; Europe, Middle East, and Africa.


Other notable members of the company’s board of directors include the following:

  • Mr. Patrick Etim: A Non-Executive Director
  • Mr. Babatunde Osmond Ibitoye: A Non-Executive Director
  • Major Stanley Dika: A Non-Executive Director
  • Mr. Ohanu Eugene Ijeoma: A Non-Executive Director
  • Mr. Shuaibu Mustapha: A Non-Executive Director
Global Spectrum Energy Services Plc on the day of listing on the Nigerian Stock Exchange

An overview of the company’s ownership structure

The majority shareholding structure at Global Spectrum Energy Services Plc is in the order enumerated below:

  1. Aspiral Sun Limited owns a total of 440,000 units of shares in the company, which translates to 55% majority shareholding.
  2. Ocean 99 Limited owns 123,900 units of shares which represents 15.49%.
  3. Criterion Nigeria Limited owns 120,000 units of shares, representing 15.00%.
  4. Citizen and Corporate Bodies owns 116,100 units of shares, which makes up 14.51%.

Here are the company’s competitors

The company operates in a highly competitive industry. Although market opportunities abound thanks to the favourable global oil prices, the company still faces competition posed by the likes of C & I Leasing Plc, Japaul Plc, Caverton Offshore Support Group Plc, and Ladol. Other competitors include: Fenog Offshore Vessels, Blue Seas Maritime Services Plc, Zircon Marine, etc.

The company’s recent financial performance

As noted earlier, the company has been recording impressive financial performance in the past three quarters of 2018. This development is due mainly to the favourable global oil prices. Note that any increase in the global prices of crude oil is good for oil companies. This is because when prices increase, oil companies earn more money and by so doing are able to pay for offshore and other support services.

This explains the positive performances so far recorded by the company in 2018. According to the third quarter financial report which was published last week, the company’s revenue grew from N934.6 million in the third quarter of 2017 to N1.2 billion in the third quarter of 2018. The company’s profit after tax for the period also increased from N147.7 million in Q3 2017 to N167.6 million in Q3 2018.

In Conclusion  

Global Spectrum Energy Services Plc is gradually establishing its presence in the oil and gas support sector as a major player. Recall that the company announced in September that it intends to raise capital through the issuance of preference shares and ordinary shares. The capital raise is part of the company’s efforts to raise capital for expansion purposes.


In the words of the Chairman, Engineer Omene, who spoke during the company’s 11th Annual General Meeting:

“We intend to take advantage of the projected growth the Nigerian economy will offer and deliver value to our shareholders.”

If the company can continuously maintain its current growth rate, it might just become a force to reckon with in the industry.


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