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N4.7bn debt to Intels forces Court to order seizure of Oando’s oil rigs

Consequent upon suit number FHC/PH/CS/102/2017 filed by INTELS Nigeria Limited, an oil and gas logistics services firm, against three drilling rigs as 1st to 3rd Defendants; Oando Energy Services Limited, Oando Marketing Plc and Oando Plc as 4th to 6th Defendants respectively, a Federal High Court sitting in Port Harcourt, Rivers State, has ordered the arrest and detention of three crude oil drilling rigs belonging to Oando Energy Services Limited (also known as OES Energy Services Limited) over debts of $15,399,524.84 (equivalent of N4.7 billion) and N14,169,164.80.

The affected drilling rigs include OES Teamwork, OES Integrity and OES Passion.

Also, the Vacation Judge, Justice J. K. Omotosho ordered the three drilling rigs, moored at the Federal Ocean Terminal (FOT), Onne Port Complex in Onne, Rivers State, to be detained pending the provision of a sufficient and acceptable bank guarantee from either the United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB), Zenith Bank Plc or First Bank of Nigeria Plc (FBN) by the defendants to cover the debt of $15,399,524.84 and N14,169,164.80.

The amount is owed by Oando Energy Services Limited for general port and facilities services provided at the port for the three rigs over an extended period of time.

Next adjourned date for further hearing in the matter is August 30, 2017.

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