Leading indigenous offshore support vessel company, Global Spectrum Energy Services Plc (GSES), recently, earned a ‘Bbb‘rating from Agusto& Co.
According to Agusto, in their rating report, the rating assigned to GSES “is upheld by the company’s low leverage or zero debt exposure as the business is largely funded with equity, adequate working capital, and experienced and stable management team as well as growing client portfolio of international oil companies”.
The agency further stated that it expects the overall financial condition of GSES to remain stable in the medium to long term due to the additional contract signed subsequent to year end.
The rating agency, assigning a stable status to the company further pinned the favourable prospects for the company’s growth and profitability to factors that include the expected rebound in the consumption of crude oil as the global economy recover from the COVID- 19 pandemic, favourable local content policy, and its entry into the merchant shipping security escort services.
The merchant shipping escort service is a growing line of business that the company is currently giving new focus as it expands and diversifies its operations.
Listed on the Nigerian Stock Exchange (NSE), Global Spectrum specialises in the provision of offshore supply vessels utilised for providing marine security services to international oil companies (IOC) with operations in deep-sea offshore.
Over the last five years, GSES has grown its vessel fleet to 12 comprising both leased and owned vessels fuelled by the growing demand for marine security along Nigerian coast line due to insecurity and militancy activities in the oil producing region.
The company also provides offshore support and engineering services to the oil and gas industry. The broad support areas include the supply of vessels, anchor handlers, security patrol vessels, and diving support vessels.