Swiber Offshore Construction has bought a 38% stake in Nigeria’s Deltatek Offshore, which will see the offshore engineering provider become an associate company of the Swiber group.
The Singapore-based group paid NGN 9,500,001 ($476,679) for the 9.5m shares in Deltatek, a filing said today.
Deltatek provides offshore engineering, procurement, construction, installation and commissioning services within the sub-Saharan Africa region. It was founded in 1993 and has a 51% holding in a joint-venture company, DeltaAfrik Engineering, with civil engineering corporation WorleyParsons.
Swiber said the consideration for the acquisition was arrived at on a willing-buyer, willing-seller basis and was funded “through internal resources”.