PROJECT

Projects

Environmental Review Summary

Project Number

11460

Company Name

ADAMAC INDUSTRIES LTD

Date ERS Disclosed

Aug 15, 2002

Country

Nigeria

Region

Africa

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Nov 1, 2002
Signed : Dec 23, 2002
Invested : May 6, 2003

Sector

Oilfield Services

Industry

other

Department

Gbl Infrastructure & Natural Resources

Project Description

The project involves the establishment of a US$50 million revolving credit facility for Adamac Industries Limited (Adamac), one of the largest indigenous oil service contractors in Nigeria. Adamac, through its various wholly owned subsidiaries, provides a range of technical services to the major exploration and production (E&P) oil companies. The revolving line of credit, which would be extended to DSNL Offshore Limited, an Adamac subsidiary that delivers oil field services for offshore facilities, would provide greater flexibility in funding its investment program and working capital needs and enable it to compete with foreign contractors.

Environmental and Social

Conclusion & Monitoring