Vision Statement

BUSINESS DEVELOPMENT STRATEGY

XPO Marine Services shall implement the above-listed by executing the following business strategies:

- Business Development Strategy – XPO Marine Services intends to focus on providing services to blue chip oil and gas companies, to achieve this, the company will build its competencies and processes around the key issues that influence the clients vendor selection decisions;

» Fleet Size – XPO Marine Services shall within the next 36 months build a comprehensive IMR support vessel fleet, so that the oil majors find it easy to contract end to end operations out to it without having to worry about managing different vendors.

» Competence – XPO Marine Services will ensure that its vessels crew are technically and operationally competent. In the short term it shall contract out the vessel management to professional vessel managers, while it will also begin to recruit and retrain experienced Nigerian crew members.

» Adherence to Local Content Act – The passage of the Local Content Act and Cabotage Act has made it mandatory for oil and gas firms to patronise indigenous firms. XPO Marine Services will position itself as a 100% Nigerian firm with the oil and gas companies, the industry regulatory bodies and the relevant workers unions, and make it easy for the oil and gas companies to transact business with it.

» Compliance and Ethics – The oil and gas majors operating in West Africa are predominantly listed in the European and North American companies and are held to very stringent levels of ethical compliance. XPO Marine Services will operate ethically and transparently. The firm shall seek out and join all the industry specific compliance bodies and will also ensure that it promotes itself as an ethical organisation.

FINANCIAL STRATEGY

XPO Marine Services intends to grow its Equipment & Assets size and business coverage aggressively over the next 36 months of its operations in order to meet its stated vision of becoming the leading provider of offshore marine support services to the oil and gas industry. To finance its growth, XPO intends to implement a three step finance strategy;

- Step 1 – for the first three (3) years XPO Marine Services shall be going through an acquisition heavy growth stage and shall be seeking majorly to source private equity investments with a five (5) year exit timeframe.

- Step 2 – after its intensive growth phase XPO Marine Services will be looking to leverage the equity within the business by sourcing additional funds from commercial banks with revenues from existing business to service repayments.

- Step 3 – By year 5, XPO Marine Services will be looking to float its shares on the Nigerian Stock Market for two (2) reasons. Firstly to act as an exit event for the private equity investors from step one and also to enable the business fund another phase of heavy growth. XPO Marine Services will work with a financial advisory firm from year one to help execute its finance strategy.

ASSET AQUISATION

XPO Marine Services asset acquisition strategy has been to ensure that its assets are made up predominantly of dual purpose and multi-use capabilities, in order to reduce assets under-utilisation to the barest minimum. XPO Marine Services also ensure that its assets meet the minimum standards required by the maritime, Oil and Gas regulatory authorities.

OPERATION

XPO Marine Services shall continue to institute best in class operational process management tools and techniques to enhance process efficiency and reduce wastage in the system. The business shall implement the lean six sigma methodology throughout its operations to improve turnaround time and reduce operational cost.

PEOPLE

XPO Marine Services people strategy continue to focused on attracting, developing and empowering its human resource asset — its people. The strategy sets out specific, actionable steps around recruitment, training, compensation and reward

CORPORATE GOVERNANCE

XPO Marine Services will continue to institute strong financial controls and corporate governance. Its board of director plays a vital role in providing strategic direction and overseeing management performance, the board shall have five members; three members are independent directors with strong Oil and Gas industry experience. The chairs and members of the board’s Audit Committee, Finance Committee and Compensation Committee are independent directors.