By Goddy Egene
Global Spectrum Energy Services Plc (GSES), has earned a ‘Bbb’ rating from Agusto& Co., a rating agency in the country.
GSES is one of the leading indigenous offshore support vessel companies operating in the marine security and logistics subsector of the oil & gas servicing industry in Nigeria.
In their rating report, Agusto said 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.”
According to the agency, 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.
“Based on the aforementioned, Agusto& Co. hereby attaches a stable outlook to the rating of Global Spectrum Energy Services Plc,” it stated.
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.
According to the company, the merchant shipping escort service is a growing line of business it is currently giving new focus as it expands and diversifies its operations.
GSES is one of the indigenous oil and gas servicing companies listed on the Nigerian Stock Exchange. The company 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.