Royal Boskalis Westminster N.V. (Boskalis) has been awarded three dredging-related contracts on the African subcontinent with a combined value of approximately EUR 75 million.The works are to be carried out in Angola, Gabon and Senegal. Continue reading “Three African contracts for Boskalis”
SBM Offshore ended 2014 with a good underlying financial performance, ahead of expectations for the second straight year. The company reached an important milestone in announcing an out-of-court settlement agreement with the Dutch Public Prosecutor’s Office (Openbaar Ministerie) over the inquiry into alleged improper payments, whilst the US Department of Justice declined to prosecute and has closed its inquiry into the matter. This marks a big step forward in putting the company’s legacy issues to rest. Continue reading “SBM Offshore performed well in 2014”
On December 12th SANEC, Atlantico Business Development and Fenedex will jointly organize a seminar on doing business in Angola and Mozambique. The seminar will be hosted by PWC at their Rotterdam office. The event is aimed at Dutch SME’s that would like to do business in these booming markets. Arnout Nuijt, Managing Director of Atlantico Business Development, a Rotterdam based consultancy focusing on Portuguese speaking Africa, will be one of the speakers, as will representatives of PWC and Dutch companies already active in those countries. The meeting is jointly organized by SANEC (Southern African Netherlands Chamber of Commerce), Atlantico Business Development and Fenedex, the Federation of Dutch Exporters. Dutch SME’s are welcome to register at Fenedex.
SBM Offshore has reached an out-of-court settlement ex Article 74 of the Dutch Criminal Code with the Dutch Public Prosecutor’s Office (Openbaar Ministerie) over the inquiry into alleged improper payments. Furthermore, the United States Department of Justice has informed SBM Offshore that it is not prosecuting the Company and has closed its inquiry into the matter. The settlement with the Openbaar Ministerie and the United States Department of Justice’s decision relate to payments to sales agents in Equatorial Guinea, Angola and Brazil in the period from 2007 through 2011. Continue reading “SBM settles Angola, Brazil corruption affair”
Atlantico Business Development, an international consultancy based in Rotterdam and focused on doing business in Brazil and Portuguese speaking Africa, is expanding its services. A full overview of Atlantico’s services as well as the markets where the company operates presently is available at their website, Atlantico Business Development.
New services include among other things “partner and agent search”, which is extremely important for SME’s when doing business in faraway and high cost markets such as Brazil, Angola and Mozambique. No doubt Atlantico Busines Development will live up to its slogan “trusted, dedicated and effective” regarding this service as well.
After a strong growth in 2013 estimated at 6.8 percent, economic growth in 2014 is projected at 3.9 percent despite a decline in oil output. Robust growth in the nonoil economy, mainly driven by a very good performance in the agricultural sector, is expected to offset a temporary but considerable drop in oil production. Ongoing investments in agriculture are expected to pay off with an increase in agriculture production by about 11½ percent in 2014. Other sectors such as manufacturing, electricity and services, are also expected to contribute. Inflation projected to reach 7½ percent by end-2014 is well within the Banco Nacional de Angola (BNA)’s objective. The overall fiscal balance, which was in surplus in the last four years, is expected to deteriorate substantially in 2014, reaching a deficit of around 4 percent of GDP. Oil revenue fell by 14 percent during January-May 2014, mainly due to a 10 percent decline in oil production related to unscheduled maintenance and repair work in some oil fields. International reserves at the BNA remain adequate at an equivalent of 7¾ months of imports. Continue reading “IMF: strong reform and robust nonoil growth in Angola”
SBM Offshore presented today the findings of its internal investigation, which it started in the first quarter of 2012, in reaction to allegations of bribery in Brazil, Angola and other countries. The investigation, which was carried out by independent external counsel and forensic accountants, focused on the use of agents over the period 2007 through 2011. In summary, the main findings are that “the Company paid approximately US$200 million in commissions to agents during that period of which the majority relate to three countries: US$18.8 million to Equatorial Guinea, US$22.7 million to Angola and US$139.1 million to Brazil.” Continue reading “SBM Offshore presents results of internal investigation on bribery allegations in Angola, Brazil”
Late last week Dutch media began reporting on alleged corruption practices involving SBM Offshore deals in Brazil, Angola, Equatorial Guinea and other countries. The info was apparently published by a former employee of the company on the SBM Offshore company profile page on Wikipedia. On Friday February 7th, the company issued the following statement: Continue reading “SBM Offshore reacts to corruption allegations”
Royal Boskalis Westminster N.V. (Boskalis) subsidiary SMIT Salvage has been awarded a contract to remove a damaged jack-up platform from the seabed offshore Angola. Including the award of this contract, SMIT Salvage has acquired approximately USD 70 million of work year to date. Continue reading “Boskalis Smit Salvage wins Angolan contract”
PROMAR has ordered two Platform Supply Vessels from Damen Shipyards Group and this ambitious Swiss company is looking to further expand the offshore fleet under its management in the next five years. The first Damen PSV 3300 will be delivered in February 2015 and the second, in August of the same year. Continue reading “PROMAR orders Damen Platform Supply Vessels”
The September 13th Edition of Atlantico Weekly is ready for you, with EU-Cape Verde visa deal, Cape Verde’s Best Restaurant, high spending Angolan tourists,Namibe’s airport reopened, South Africa’s Economic Freedom Fighters, Mozambique’s realistic miners, gas, gas, gas, Beira and Nacala ports news and a Mozambican bond….
The August 30th Edition of Atlantico Weekly is ready for you, with: more Chinese doctors for Cape Verde, AfDB invests in Cape Verde tech sector, Sao Vicente Fashion Week, Angolan president not stepping down, why Angola blocks a customs union, a Spar for Luanda, from dollar to kwanza trading, Statoil betting on Angola, Fugro wins big Angola order, Coal India in Mozambique, Maputo fair under way, Anadarko sell Rovuma stake, a Thai hotel for Bazaruto, Cape Verde Business News, Angola Business News and Mozambique Business News.
Arnout Nuijt, Editor-in-Chief of Atlantico Weekly/Angola Business News and CEO of Atlantico Business Development, a consultancy based in Rotterdam, recently spoke to Mrs Maria Luisa Abrantes, director of ANIP, the Angola Investment Agency.
Mrs Abrantes, thank you for talking to Atlantico Weekly’s Angola Business News. You have come to the Netherlands to attract new investors to Angola. So, let’s start with a very simple question: why should Dutch companies invest in your country? Well, at this moment getting investment in general is hard, with all the international economic problems on hand. But investors that look for growth, economic stability and political stability can find all of that in Angola. We have those natural resources that will be needed in the future, including water, which one day may be more important even than oil. Water is a highly important item, that is necessary for all development. Angola for example possesses around 12% of all water resources in Africa. Unfortunately, all these assets end up in our rivers and then head straight to the sea. In the case of the Netherlands we would like to get assistance to use these water resources more efficiently for irrigation to end our farmers’ dependency on rain. In fact, modernisation of our agriculture presents an opportunity for Dutch companies. Then there is tourism. We have a 1500 km coastline, that we’d like to develop with the help of Dutch companies, creating resorts, Continue reading “Angola Beyond Oil & Gas”
The rise of the what? Another acronym, you say? Well, why not? In Portuguese the countries are called PALOPs, the Paises Africanos de Lingua Oficial Portuguesa (or African Countries with Portuguese as Official Language). So we call them PACs. Three PACs have become booming economies and nobody is stopping them: Cape Verde, Angola and Mozambique. Business opportunities abound and the three countries share some striking similarities that set them apart from the rest of Africa. Though they do not number that many inhabitants (all three put together not more than 50 million), they jointly constitute a cluster of very distinct African markets, well worth exploring. So are these PACs the new thing we have been waiting for? How real is their rise? Continue reading “The Rise of the PACs: Meet three booming Portuguese-speaking African Countries”
By Arnout Nuijt
A recent article in The Economist gives an optimistic picture of Brazilian companies heading en masse for Africa’s booming economies, “laden with expertise and capital”, thus creating a new “Atlantic alliance” between Brazil and Africa. We hate to be critical, but is this really happening or is it wishful thinking?
Yes, Africa is booming and Brazil is so close and so well adapted to tropical circumstances, that a huge opportunity for doing business with African nations has arrived. Brazilian companies indeed should take advantage of Africa’s new wealthy middle classes, its plethora of mining opportunities and its own supply of innovative products fit for tropical circumstances, such as vehicles and household appliances. But let’s get back to the facts. Total Brazil trade with the world was 383 billion in 2010, of which Sub-Sahara Africa took a modest 3,18 %. Continue reading “Can Brazil Conquer Africa’s Booming Markets?”