UTM Offshore

What UTM Offshore does

UTM Offshore Limited is a privately held Nigerian oil and gas services company incorporated in July 2012 as part of the UTM Group of Companies. The company operates a diversified portfolio of offshore support services for international oil companies (IOCs) operating in Nigeria. Its service lines include marine logistics (FPSOs, Platform Supply Vessels, Security Vessels, Anchor Handling Tug & Supply Vessels, Dive Support Vessels, tugs, and barges), capital and maintenance dredging, product pipeline right-of-way monitoring using M2M technology, and a Direct Sales and Direct Purchase (DSDP) crude-for-products exchange program. Named clients include SAIPEM, Total, ExxonMobil, Addax, and NNPC/PPMC, with operations across three Nigerian offices (Abuja, Lagos, Port Harcourt) and a footprint extending to Ghana via UTM Ghana Limited and UTM-CTK Ghana Limited.

The company's defining strategic initiative is the development of Nigeria's first indigenous Floating Liquefied Natural Gas (FLNG) facility, located at the Yoho field (OML 104) offshore Akwa Ibom State. The project targets 176 mmscf/d of natural gas production with 2.8 MTPA LNG capacity and 300,000 metric tonnes of LPG output for the domestic market (representing approximately 25% of national demand). Technical execution is being conducted in partnership with JGC Corporation (Japan), Technip Energies (France), and KBR (UK). The project has progressed through License to Establish (Feb 2021), Pre-FEED and FEED phases, a $2B Phase 1 / $3B Phase 2 financing MoU with Afreximbank, a Shareholders Agreement (UTM 72% / NNPC 20% / Delta State 8%) signed in December 2023, and the License to Construct granted by NMDPRA on September 6, 2024.

Revenue is generated through enterprise contracts for marine logistics and support services, dredging projects, pipeline maintenance, and crude-for-products exchange under the DSDP program. The company is privately held with no public listing; Julius D. Rone (OFR) serves as founder and Group Managing Director & CEO. There are eleven wholly-owned subsidiaries spanning dredging, engineering and construction, logistics, marine services, petroleum distribution, energy, real estate, and the FLNG SPV. Marketing is conducted primarily through direct enterprise sales, industry events (Nigeria International Energy Summit, Gastech Singapore), press releases, and a corporate website with social media presence.

Name

UTM Offshore

Legal name

UTM Offshore Limited

Website

https://utmoffshore.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

UTM Offshore Limited is a privately held Nigerian oil and gas services company providing marine logistics, dredging, pipeline monitoring, and energy trading to international oil companies operating in Nigeria, while pioneering the country's first indigenous Floating Liquefied Natural Gas (FLNG) facility.

Ownership category

akta.pro rank

Product category

Offshore Oil and Gas Services

NAICS

Support Activities for Water Transportation (4883), Marine Cargo Handling (48832)

SIC

Oil & Gas Field Services, Nec (1389), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

Keywords

• Offshore marine logistics
• Floating LNG production
• Oil and gas services
• Dredging services
• Pipeline monitoring services

Headquarters

HQ city

Maitama

HQ country

Nigeria

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Marine Logistics Services: Provision of service boats and allied equipment including Platform Supply Vessels, Security Vessels, Anchor Handling Tug, Crew/Supply Boats, Dive Support Vessels, Drill-Ship, Jack-Up Barges, FPSO operations and management
2. Dredging Services: Capital dredging, maintenance dredging, land reclamation, and environmental dredging for ports and coastal projects
3. Pipeline Support Services: Right of Way monitoring, security surveillance, protection and maintenance of product pipelines across Nigeria using M2M technology
4. Energy Services (DSDP): Direct Sales and Direct Purchase of Nigerian Crude Oil and Gas through crude-for-products exchange (swap) mechanism
5. FLNG Production: Floating Liquefied Natural Gas production facility producing LNG, LPG and condensate from Yoho field gas

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

UTM Offshore provides offshore oil and gas support services including marine logistics (FPSOs, PSVs, security vessels, AHTS, dive support vessels), dredging services for ports and coastal projects, product pipeline monitoring and security surveillance using M2M technology, and Direct Sales and Direct Purchase (DSDP) crude oil and gas trading. The company is also pioneering Nigeria's first Floating Liquefied Natural Gas (FLNG) facility with 2.8 MTPA capacity at the Yoho offshore field.

Product overview

UTM Offshore Limited offers a diversified portfolio of oil and gas services anchored by its flagship Floating Liquefied Natural Gas (FLNG) facility, the first indigenous FLNG plant in Nigeria. The company operates four core service divisions: Marine Logistics (managing FPSOs, security vessels, PSVs, AHTS, DSVs, tugs and barges), Dredging Services (capital, maintenance, land reclamation and environmental dredging), Energy Services through the Direct Sales and Direct Purchase (DSDP) program for crude oil and gas trading, and Product Pipeline Support services including right-of-way monitoring and security surveillance using M2M technology. The FLNG product represents the company's pioneering high-capability offering, while marine logistics and dredging provide foundational maritime support services to oil majors operating in Nigeria.

Differentiator

Problem solved

Functional benefit

Products and services

• Floating Liquefied Natural Gas (FLNG) Facility Nigeria's first Floating Liquefied Natural Gas facility producing LNG, LPG, and condensate from the offshore Yoho field (OML 104) offshore Akwa Ibom State, with capacity of 176 mmscf/d of natural gas and 2.8 MTPA LNG production capacity; 300,000 metric tonnes of LPG dedicated to domestic market. Targets international oil companies, NNPC, and government entities seeking domestic gas monetization and LNG production.
• Marine Logistics Services Ownership, operation, and technical management of Floating Production Storage and Offloading (FPSO) units, Security Vessels, Platform Supply Vessels, Anchor Handling Tug & Supply Vessels, Dive Support Vessels, Tugs, Fast Personnel/Cargo Transport, and Self-Propelled Barges for offshore and onshore drilling campaigns of oil majors operating in Nigeria.
• Dredging Services Capital dredging, maintenance dredging, land reclamation, and environmental dredging services for ports, harbors, and coastal projects; uses state-of-the-art equipment and cutting-edge technology with commitment to environmental responsibility. Targets port authorities, terminal operators, and oil and gas majors requiring waterway maintenance and coastal construction.
• Energy Services (DSDP) Direct Sales and Direct Purchase (DSDP) program for Nigerian Crude Oil and Gas through crude-for-products exchange (swap), creating efficient direct channels for distribution of oil and gas products and connecting producers directly with end consumers and businesses.
• Product Pipeline Support Services Right of Way monitoring, security surveillance, protection, and maintenance of product pipelines across Nigeria using M2M technology for real-time detection of leaks, corrosion, illegal taps, and other abnormal activities. Targets NNPC/PPMC and pipeline operators.
• Maritime and Oil Services Support - Capacity Enhancement and Training Development Capacity enhancement and training development services providing qualified human capacity, equipment, and customizable service offerings for the maritime and oil sectors, ensuring a skilled workforce for anticipatory and responsive project implementation.

Quantifiable outcome

• 176 mmscf/d natural gas production capacity
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• JGC Corporation (Japan)coreTechnology or Integration · 28 August 2014JGC Corporation signed FEED contract for Nigeria's first FLNG facility. JGC was involved in design, construction, and commissioning of 3 of the 5 FLNGs in the world. The partnership involves Pre-FEED and main FEED phases for the floating LNG production plant.
• Technip Energies (France)coreTechnology or Integration · 28 August 2014Technip Energies partnered with UTM for FEED contract execution. The company provides technical expertise for the FLNG facility engineering and design phase.
• Kellogg Brown & Root (KBR, UK)coreTechnology or Integration · 28 August 2014KBR provides Owner's Engineering Services and third-party review of deliverables during Pre-FEED and FEED phases. KBR conducted due diligence on JGC scope during Pre-FEED phase.
• LNG Investment Management Services (LIMS)coreStrategic or Co-development PartnerLIMS, a subsidiary of NNPC Limited, partnered with UTM for FLNG facility development. The partnership facilitates NNPC's involvement in the floating LNG project.
• Stanford Marine LLC DubaiminorStrategic or Co-development PartnerPartnership for delivery of MV Stanford Buzzard and MV Mac Falcon vessels for Exxon Mobil operations in Erha field.
• Templars (Law Firm)minorImplementation/ SI/ Consulting PartnerLegal counsel for FLNG project development and contract coordination.
• White & CaseminorImplementation/ SI/ Consulting PartnerInternational law firm providing legal advisory services for the FLNG project.
• Energy PartnersminorImplementation/ SI/ Consulting PartnerProject financing and energy sector advisory services.
• Alex Scott & AssociatesminorImplementation/ SI/ Consulting PartnerLegal advisory services for project development.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Golar LNG: Golar is the world's first operator of a floating LNG vessel (Hilli Episeyo) and a direct FLNG peer; both companies deploy converted or purpose-built FLNG units to monetize stranded gas reserves in emerging markets.
• Tidewater Inc. Tidewater is one of the largest global offshore support vessel (OSV) operators, offering PSVs, AHTS, and crew boats to oil majors; directly comparable to UTM's marine logistics fleet serving IOCs in West Africa.
• SBM Offshore: SBM Offshore is a leading FPSO operator and offshore production solutions provider; directly comparable to UTM's FPSO operations and management offering and to its integrated marine-logistics model for deepwater oil and gas clients.
• BW LNG: BW LNG operates a fleet of LNG carriers and has actively pursued FLNG and FSRU opportunities in West Africa; directly comparable as a peer pursuing floating LNG infrastructure projects in the same regional addressable market.

Broad incumbents

• Royal Boskalis Westminster: Boskalis is a global leader in capital and maintenance dredging, land reclamation, and maritime services; directly comparable to UTM Dredging's service offering to ports and coastal infrastructure clients.
• Petronas (PFLNG): Petronas operates the PFLNG SATU and PFLNG DUA, making it an established FLNG operator with direct technology overlap and a comparable offshore gas monetization approach.
• Shell (Prelude FLNG): Shell operates the Prelude FLNG, the world's first floating LNG facility; while an integrated supermajor, its FLNG unit competes with UTM in monetizing offshore gas via floating liquefaction technology.

Emerging players

• Excelerate Energy: Excelerate specializes in floating LNG regasification and is expanding into FLNG development; relevant peer given overlap in floating LNG infrastructure targeting emerging-market gas monetization.

Regional players

• DOF Subsea: DOF operates a global fleet of offshore support vessels and subsea construction assets; relevant as a comparable offshore vessel and subsea services peer, though primarily active outside West Africa.
• Seplat Energy: Seplat is a leading Nigerian independent oil and gas producer operating in the Niger Delta; relevant as a Nigerian E&P peer that could become a feedstock supplier or strategic partner for UTM's gas and pipeline business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/utmoffshoreltd
• Facebookfacebook.com/utmoffshoreltd
• LinkedInlinkedin.com/company/utm-offshore

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UTM Offshore