PRESS RELEASE

The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have today announced the signing of a new joint venture that will transform Nigerian maritime transportation.

The agreement, signed in London last week, aims to create a new tanker operation serving Nigeria and West Africa's crude oil, refined product and LNG regional and global shipping requirements.

The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport. The partners will also explore options to create a modern and efficient fleet of tankers, comprising both new and existing tonnage depending on market factors and commercial opportunities in the region.

The partners will evaluate opportunities for both vessel acquisitions and long-term charter arrangements, with a focus on maintaining competitive operating costs while meeting the highest standards of safety and sustainability.

This fleet will primarily serve the logistics needs of NNPC (crude, clean and LNG/LPG).

Additionally, the new company will cater to other oil producers and traders, offering strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.

Speaking on the announcement, Managing Director NNPC Shipping, Panos Gliatis, said: “This strategic partnership marks a significant milestone in NNPC's commitment to modernising Nigeria's maritime infrastructure. By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria's position in global energy logistics."

In his remarks, President & CEO of Stena Bulk, Erik Hånell, said: "This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability. Nigeria's energy sector is undergoing remarkable transformation, and we're proud to be part of this journey."

Also speaking, Head of Stena Bulk USA, Johan Jäwert, said: “We look forward to developing shipping activities locally with Caverton and benefiting from NNPC's strong position in the oil market. Combined with our know-how across all aspects of commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market.”

CEO of Caverton Offshore Support Group, Bode Makanjuola, said: " This joint venture, the result of many years of planning, marks a significant stride in enhancing Nigeria's maritime capabilities. By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region."

This joint venture comes at a time when Nigeria is asserting its position as Africa's largest economy. The country's strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.

By establishing this world-class tanker operation, the partners are not only meeting immediate logistical needs but also contributing to Nigeria's long-term economic diversification and growth.

As the shipping arm of NNPC Ltd, NNPC Shipping spearheads the integral shipping logistics operations crucial for the country's oil and gas distribution.

Stena Bulk, with offices in seven countries and a combined fleet of around 70 vessels, is one of the world’s leading tanker shipping companies. Caverton Marine Limited is a leading integrated offshore support company providing marine and aviation logistics to oil and gas companies across Nigeria and Sub-Saharan Africa.

Olufemi O. Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja
February 25^th, 2025

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