This oil company is set to raise additional capital soon

Shareholders of Global Spectrum Energy Services Plc, an integrated Oil & Gas Offshore Support Vessel Services Company, have given their nod to the plans by the management of the company to raise additional capital.

The new capital raise will come in the form of issuance of preference shares (convertible or non-convertible), ordinary shares or a combination of any of these two options, whether by way of public offer, rights issue, or any manner which the directors may deem appropriate.

The shareholders gave their approval at the company’s 11th Annual General Meeting (AGM) held in Lagos recently. Speaking at the shareholders meeting, Chairman of the company, Godwin Omene, noted that the company is positioned for growth this year.

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

Recall that in 2017, the Exchange listed by introduction, eight hundred million (800,000,000) ordinary shares of Global Spectrum Energy Services Plc at N5 per Share.

In its 2017 financial reports the oil and gas company recorded a 36 percent increase in revenue from N801 million in 2016 to N1.09 billion in 2017. Profit Before Tax decreased by 14 percent from N237 million in 2016 to N204 million.

In its H1 2018 financial reports, the company posted a revenue of N877 million, while the profit before tax stands at N140 million.

Global Spectrum Energy Services Plc was incorporated as a private limited company in 2006. The company is an integrated Pan African Oil & Gas servicing company and it is involved in many of the key oil and gas producing areas in Africa. Its revenue segment includes maritime security, Logistics, Energy, and Engineering services.

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Author: see naija

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