Following Century Energy’s failure and neglect to pay the debts owed to its creditors without reason and despite several efforts by creditors demanding payment of debts that have remained unpaid for over a year, the creditors now seem to have no other choice than to take out winding-up proceedings against the major oil and gas service provider.

One of such creditors, Ambrey Limited, has now taken out a suit against Century Energy before the Federal High Court in SUIT NO.: FHC/L/CP/1889/23 (a suit between Ambrey Limited v. Century Energy Service Limited). These debts were said to have accumulated as a result of outstanding sums due to the creditors for the provision of security escort services rendered to Century Energy’s chartered vessels and remain unpaid till date. Ambrey Nigeria provided security escort services to the vessel Boka Pegasus which Century chartered to attend to the FPSO Sandje Berge in the summer of 2022. Ambrey Nigeria provided excellent security services during this period and even intervened when problems occurred at Onne Port whereby a representative of Century was held against his will at the port due to unpaid promises made to local inhabitants of the area..

Meanwhile, Century Energy has been busy and quite recently has been reported to have acquired the Sendje Berge – a floating production storage and offloading (FPSO) vessel – for about $ 15 million. It seems to be the case that pursuing this acquisition has significantly impacted the ability of Century Energy to meet its debt obligations to its creditors.

These are not the best of times for a company that has just spent millions of US dollars on the Sendje Berge vessel acquisition.