In major local content milestone, Tamrose repays $10m facility, grows fleet by 200%
The marine services firm clears its debt without default and records a 200 percent growth in its fleet, thereby enhancing the reputation of Nigerian service companies in the oil and gas industry.
Tamrose Limited, one of Nigeria’s leading indigenous marine and oil and gas service companies, has completed the full repayment of a $10 million loan it obtained in 2019 from the Nigerian Content Intervention Fund (NCI Fund), the special financing scheme managed by the Nigerian Content Development and Monitoring Board (NCDMB) to strengthen local capacity and participation in the nation’s oil and gas industry.
NCDMB confirmed that Tamrose made its final repayment instalment on September 30, 2025, successfully concluding a six-year repayment cycle with no defaults or delays. The company joins a growing list of indigenous firms that have demonstrated strong financial discipline and business growth under the NCI Fund initiative.
At the time of securing the loan, Tamrose operated a modest fleet of just four security patrol vessels. However, with the support of the NCI Fund, the company expanded its assets and service capabilities significantly.
Today, Tamrose owns and operates a fleet of 15 vessels, including 10 security patrol vessels and five platform supply vessels, reflecting a 200 percent growth achieved within six years. This expansion has firmly established Tamrose as a reliable marine logistics and offshore support provider to Nigeria’s oil and gas industry.
Speaking on the milestone, the Executive Chairman of Tamrose Limited, Mr Ambrose Ovbiebo, said the repayment marks a defining chapter in the company’s growth journey and underscores the importance of structured funding support for indigenous operators.
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“This milestone reflects both the rigorous standards applied by the NCDMB in selecting beneficiaries and the transformative impact of the NCI Fund in building real capacity among indigenous players. For Tamrose, this repayment is not just a financial obligation fulfilled, but a testament to what Nigerian companies can achieve when given the right kind of institutional support,” Ovbiebo said.
In a letter addressed to the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, Mr Ovbiebo expressed profound appreciation to the Board for its unwavering commitment to the growth of local content. He described the partnership between NCDMB and Tamrose as a model example of how public-private collaboration can deliver tangible results for Nigeria’s energy sector.
“We are proud to be a beneficiary of the NCI Fund and an example of the success story it represents. Our journey reflects the vision of the NCDMB to empower indigenous businesses to compete favourably and contribute meaningfully to national development,” he added.
To commemorate the successful repayment, Tamrose has announced plans to host a celebration event at the NCDMB Conference Hall in Yenagoa, Bayelsa State, on November 13, 2025.
The event will bring together industry stakeholders, government representatives, financial institutions, and local operators from across the country. It will serve as an opportunity to showcase how the NCI Fund has empowered indigenous service companies, expanded local capacity, created jobs, and promoted human capital development in Nigeria’s oil and gas industry.
According to the company, the celebration will also provide a platform for reflection on the broader success of the NCDMB’s interventions and the importance of sustaining such collaborative frameworks. Tamrose noted that the initiative continues to prove that indigenous players, when properly supported, can achieve global standards in operational excellence and corporate governance.
The event will further encourage other local service providers to take advantage of structured funding opportunities like the NCI Fund to scale up their operations and drive Nigeria’s local content agenda forward.
Tamrose’s repayment milestone adds to the growing evidence of the NCI Fund’s effectiveness in supporting indigenous participation, driving industrial growth, and ensuring that Nigerian companies remain competitive within the global oil and gas value chain.
