STAC Marine is a Nigerian owner-operator of FPSO assets providing offshore crude storage and production solutions.
- Deepwater exploration is picking up in West Africa and driving a new demand cycle in the region for floating storage assets.
- In parallel, global FPSO operators are exiting basins in West Africa as they are called away for engagements elsewhere, creating opportunities for regional companies to fill the gap with locally anchored solutions.
- Limited access to capital, high financing costs and a scarcity of skilled technical staff are expected to continue being the most binding constraints on the pace at which offshore infrastructure can scale in Nigeria and neighbouring markets.
What gap did you identify in the FPSO segment that led to the creation of STAC Marine?
At the time we entered the market, the space was dominated by large international players with global portfolios. As activity increased, these companies were heavily committed across multiple jurisdictions. We felt that customers in Nigeria and, more broadly, West Africa required additional capacity and responsiveness that a focused regional operator could provide.
An opportunity arose when one of the major international players decided to exit and was seeking a partner to take over the asset. Three years ago, we engaged in discussions and acquired that FPSO. That acquisition formed the foundation of STAC Marine.
Our priority since then has been to establish a locally anchored operator with the technical capability and infrastructure to serve Nigeria and the wider region in a disciplined and sustainable manner.
storage infrastructure.
What have been the main challenges in building this business in Nigeria and West Africa?
Access to capital remains one of the most significant constraints. In West Africa, sourcing capital is challenging, and the cost of capital is substantially higher than in many other global markets. For infrastructure assets such as FPSOs, this creates pressure on financing structures and returns.
The second major challenge is human capital capacity. These assets require a technologically advanced and highly specialised workforce. In Nigeria, the pool of professionals with direct FPSO management experience is limited.
To address this, we entered into agreements with internationally recognised companies that possess the required competence. A core component of those agreements is structured, continuous training for our local workforce, ensuring progressive knowledge transfer over time.
This is a deliberate capacity-building strategy. Over the past three years, we have strengthened operational capability while developing local technical depth. The objective is to build a Nigerian-led operation capable of managing these complex assets to international standards.
What has underpinned the success of your partnership with Nigerian Agip Exploration (NAE)?
The defining factor has been trust. NAE gave us the opportunity and demonstrated confidence in our ability to deliver. That support was fundamental in establishing our operational footing.
We have developed a strong and transparent working relationship. The engagement has been open and solution-oriented. When operational or strategic matters arise, we discuss them thoroughly, deliberate and align on outcomes that are beneficial to the asset and both parties.
In FPSO operations, where reliability, safety and performance are critical, alignment between operator and client is essential. The strength of this partnership over the past two years reflects a collaborative framework built on mutual confidence and accountability.
How is STAC Marine approaching expansion in Nigeria and across West Africa?
Our expansion model is phased and disciplined. The priority is to consolidate and deepen our footprint in Nigeria. We operate within a regulatory and financing environment that we understand, and this provides a stable platform for further growth.
Beyond Nigeria, our next strategic corridor is West Africa – from Senegal to Angola. Offshore exploration and production activity across this region is increasing, particularly in deepwater fields. These developments require storage solutions, and we see structural demand emerging for additional floater capacity.
We recognise that these projects involve significant capital requirements. As such, partnerships with international players remain central to our strategy. They contribute balance sheet strength and global experience, while we contribute regional knowledge, infrastructure presence and local expertise.
This combined approach positions us to participate effectively as offshore activity accelerates across the region.
How do you assess the outlook for floater demand in light of increased offshore incentives?
The outlook is positive. Deep offshore exploration and production across West Africa is expanding, and storage capacity is integral to these developments. As new projects progress, demand for floaters will increase accordingly.
However, these are large-scale capital commitments. The ability to structure partnerships and financing solutions will determine how quickly capacity can be deployed. That is why positioning, credibility and operational performance are critical at this stage.
Our focus is to align ourselves with credible partners, strengthen our balance sheet strategy and ensure that we are technically prepared to capture opportunities as they materialise.
What targets have you set for 2026 and 2027?
Over the next three years, our objective is to acquire at least two additional assets. This is a defined growth target supported by a dedicated internal team focused on asset identification and acquisition strategy.
We are evaluating opportunities carefully and taking a disciplined view on capital deployment. Asset growth must be aligned with financing capacity, partnership structures and market demand.
The goal is sustainable expansion. By adding two or three assets within this timeframe, we aim to strengthen our position in Nigeria while establishing the foundation for broader participation across West Africa.