Heirs Holdings acquires stake in offshore drilling firm

Mr. Tony Elumelu, Chairman, Heirs Holdings

Heirs Holdings has acquired significant stake in Seadrill Mobil Units (Nigeria) Limited, a West African affiliate of New York listed global offshore drilling company, Seadrill.

As a result, the Chairman of Heirs Holdings, Mr. Tony Elumelu, according to a statement on Thursday, has been appointed as chairman of the board of Seadrill Mobil Units.

The statement added that the investment was a further evidence of Elumelu’s strategy of increasing African business participation across the oil and gas value chain, and complement existing interests in oil and gas production and exploration.

Seadrill, the world’s leading offshore driller, is listed on both the New York and Oslo stock exchanges, and operates the second largest ultra-deepwater fleet and largest premium jackup fleet in the industry with 7,500 employees in 15 countries.

Commenting on the investment, Elumelu was quoted to have said, “Seadrill is a significant player in the oil and gas space, with a strong track record and one of the most respected names in the industry. The partnership makes strong commercial sense, bringing together a major global player and a leading African participant in the oil and gas industry.

“Successful development of Nigeria’s deep water oil and gas fields is of strategic importance to our country. This is an important part of our own approach of creating synergistic added value investment across the energy sector, from extraction to processing, and perhaps most importantly for Nigeria, industrial production and power generation.”