The Sun, 28 Jan 2026
The Sun, 28 Jan 2026
SIFAX Marine Services Limited plans to expand its marine fleet as part of its 2026 growth strategy, with the goal of strengthening its position in Nigeria’s offshore oil and gas marine services market, which is currently dominated by foreign operators. The company’s Executive Director, Afolabi Olayinka, explained that this new direction represents a shift from relying mainly on rate increases to drive revenue, towards a more sustainable and scalable model based on owning and expanding marine assets.
According to Olayinka, while rate adjustments helped boost revenue in the last financial year, long-term growth will depend on building a strong, company-owned fleet that enhances capacity, resilience, and competitiveness. To achieve this, SIFAX Marine plans to acquire additional sea-going barges, creek vessels, and offshore support vessels. These assets are expected to improve operational capacity, expand market reach, and enable the company to secure higher-value contracts, especially in the oil and gas sector.
The expansion of the owned fleet is also intended to help the company retain more value internally while offering clients more reliable, responsive, and consistent service delivery. A key element of the 2026 strategy is deeper participation in oil and gas projects through the acquisition of vessels that meet higher regulatory classifications. This will allow SIFAX Marine to access more opportunities on industry tender platforms and improve its chances of prequalification with major operators.
Olayinka added that regulatory readiness is central to the strategy, as compliance, reliability, and capacity are critical in offshore support services. By meeting these requirements, the company aims to position itself for technically demanding and higher-margin offshore contracts that have traditionally been inaccessible to operators with limited owned assets. Beyond fleet expansion, SIFAX Marine is also exploring strategic partnerships, joint ventures, and potential expansion into vessel management and other complementary services to strengthen its role as a full-spectrum marine services provider.
The Sun, 28 Jan 2026
