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Oando Energy Services wins USD 150million Contracts

In demonstration of its high level of technical capabilities as the leading indigenous oilfield services industry in Nigeria, Oando Energy Services Limited tendered for and won competitive oil field service contracts valued at $151.1m with some major upstream companies operating in Nigeria during 2007.

The new contracts detailed below are in addition to the already subsisting contracts that the company is executing.

Drilling Fluids Services: Oando Energy Services signed a two-year contract valued at $84m to provide drilling fluids services. The contract began in March 2007 and will end in March 2009.

Completion Fluids Services: Oando Energy Services signed another two year contract with an upstream client valued at $59m to provide environmentally friendly completion fluids that would improve well productivity by reducing the effects of damage to the producing zone. The contract started in December 2007 and will end in December 2009.

Supply of Drill Bits and Engineering Services for Land and Swamp: Oando Energy Services has signed a two-year contract with two other upstream clients at a combined value of $8.1m to provide Security DBS roller cone (standard steel tooth, insert roller cone and energy balance) bits and fixed cutter (matrix and steel-bodied) bits to them. The contracts began in November and December 2007 respectively and will last for two years.

Commenting on the contracts, Mr. Uche Dimiri, MD/CEO, Oando Energy Services states; “We are delighted by the new contracts as they indicate a high level of confidence reposed on our ability to deliver world-class services by our growing clientele. In our usual excellent customer service delivery approach, we are deploying expertise and tools to ensure our clients derive optimal value from their various operations. We will continue to exceed customer expectation as a strategy for increased business which will translate to customer satisfaction.”

Through its strategic alliances with Halliburton Energy Services, Oando Energy Services has provided these industry leading technologies for excellent drilling solutions. Drilling fluids services provided in conjunction with Baroid of Nigeria Limited (a subsidiary of Halliburton) guarantees environmentally safe drilling and completion fluids technology to its already existing clientele in the upstream oil business.

Oando Energy Services, a subsidiary of Oando Plc is an indigenous integrated Energy Services Company currently engaged in three product service lines (PSL’s) namely:

Total Fluids Management (Drilling & Completion Fluids)

• Drill bits and Applications Engineering Services (Roller Cone and Fixed Cutter)

Oil Well Cement Supply

In line with our vision of being an integrated energy solutions provider, Oando Energy Services will strive to continue to invest in high margin oil field businesses in the coming years.

For more information please contact:

Tokunboh Durosaro
Head, Corporate Communications
Oando Plc
2 Ajose Adeogun Street
Victorial Island, Lagos
Phone: 01 2625857

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