Challenger Limited, North Africa
In 2006, VCBank acquired a significant stake in the MENA-based oil drilling contractor, Challenger Limited. Esatablished in 1991, challenger currently owns and operates a fleet of 22 rings in North Africa, providing drilling and work-over services of oil, gas and water wells, with offices in Egypt, Saudi Arabia and UAE.
The Company is an international provider of contract oil and gas land drilling and work-over services, with over 15 years’ experience servicing major and independent oil and gas companies, first in Africa, and now expanding into the Middle East. It has a strong client base, including nearly all state-owned oil companies as well as international players such as Agip/Eni, Total, Marathon, Veba and Verenex Energy.
In one of the most alternative sectors in the region, he conclusion of this transaction depicts the dimensions of VC Bank’s mandate to secure unique and attractive deals in the region for its investors, and at the same time provide expansion and financing solutions to regional small-to-medium enterprises in order to fulfill their untapped potential.
As a result, the investment made in Challenger is mutually beneficial to both parties, allowing Challenger to achieve its growth plan, and helping VC Bank to achieve its objectives of supporting regional companies and contributing towards the economies of the MENA region, while providing attractive investment opportunities to the MENA SME Fund investors.
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In 2006, VCBank acquired a significant stake in the MENA-based oil drilling contractor, Challenger Limited. Esatablished in 1991, challenger currently owns and operates a fleet of 22 rings in North Africa, providing drilling and work-over services of oil, gas and water wells, with offices in Egypt, Saudi Arabia and UAE.
The Company is an international provider of contract oil and gas land drilling and work-over services, with over 15 years’ experience servicing major and independent oil and gas companies, first in Africa, and now expanding into the Middle East. It has a strong client base, including nearly all state-owned oil companies as well as international players such as Agip/Eni, Total, Marathon, Veba and Verenex Energy.
In one of the most alternative sectors in the region, he conclusion of this transaction depicts the dimensions of VC Bank’s mandate to secure unique and attractive deals in the region for its investors, and at the same time provide expansion and financing solutions to regional small-to-medium enterprises in order to fulfill their untapped potential.
As a result, the investment made in Challenger is mutually beneficial to both parties, allowing Challenger to achieve its growth plan, and helping VC Bank to achieve its objectives of supporting regional companies and contributing towards the economies of the MENA region, while providing attractive investment opportunities to the MENA SME Fund investors.
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