- Baywood Invests N35b in Oil, Gas Sector
Baywood Continental Limited, a wholly Nigerian owned integrated oil and gas technical service company, has invested over $70 million (N35 billion) in key sectors of operations in order to sharpen competitive edge and re-enforce its leadership position.
Besides, the company has unveiled plans to upscale operations through the acquisition of matured oil fields from oil majors and explore new frontiers in the energy sector.
These equipment, according to the company, are expected to enhance the services in large-diameter pipeline design and construction, process facilities design and construction and storage tank construction. Others are upgrade and rehabilitation, onshore/offshore structures fabrication, installation, FPSO operations and maintenance as well as oil and gas facility operations and maintenance.
Speaking with journalists in Lagos yesterday, the President and Chief Executive Officer of the company, Baywood Ibe, said that a significant investment was made in human capital development and would continue to leverage the skills and competences of employees in pursuit of excellence in performance standards.
He said that the company is constantly evaluating the business dynamics to position the company for optimal growth whilst maintaining profitability with staff strength of over 1,000, comprising some of the most experienced and competent personnel in the industry.
Ibe disclosed that the company is rebranding to achieve a brand equity balance between current and projected profile of the company. “We have developed the broad and specific elements of the company strategy to actualise this vision. Therefore, the Baywood organizational brand is one to watch out for, we will be more active across the print, electronic and social media platforms within the nearest future.
“To date Baywood has achieved over 30 million man-hours with an industry unparalleled zero fatality record, while providing cost-effective and fit for purpose solutions for our client’s projects in challenging onshore and offshore locations.
“Baywood acknowledges that operational, economic, environmental, public, and social issues are all integrally relevant to our immediate and future business objectives. We will therefore continue to design and implement a broad range of corporate social responsibility programmes focused on creating and sustaining values for stakeholders,” he added.
Speaking on the company’s Corporate Social Responsibility profile, Ibe said the company always strives to affect positively the lives of its host communities by providing employment, transportation, water supply and affordable healthcare in the host communities.