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Construction Underway in Lagos on Kaztec Engineering Ltd. Fabrication Yard

LAGOS, Nigeria, March 27, 2013 (GLOBE NEWSWIRE) -- Kaztec Engineering Ltd. (www.kaztec-eng.com), a 100 percent indigenous leader in the fabrication of drilling and production platforms and other specialized structures for the oil and gas industry, today outlined plans for a fabrication yard at Snake Island Integrated Free Zone in Lagos. Construction on the complex is underway with the first phase expected to be completed later in 2013.

Kaztec is a subsidiary of the Chrome Group (www.thechromegroup.net), a leading West African oil and gas conglomerate. Addax is a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide.

"The development of a fabrication yard is another important step illustrating our commitment to continuously improve services and exceed customers' requirements, which we expect to help us expand Kaztec's business opportunities globally," said Sir Emeka Offor, executive chairman of Kaztec Engineering Ltd. "Our Snake Island fabrication yard will specialize in fabricating topside modules, jackets and other equipment used by international oil companies."

Following the completion of the first phase, Kaztec expects to commence development of a second phase of the fabrication yard, which is expected to be completed by mid- to late-2014.

Snake Island Integrated Free Zone is an impressive industrial free zone facility and port development strategically located in the coastal waterways of Lagos, with immediate access to the open seas. Addax Petroleum Limited is a technical partner in Kaztec's fabrication yard project.

In addition to the fabrication yard under development, Kaztec owns and operates a number of vessels, including DLB Ekulo Cheyenne which is one of the biggest pipelay and construction barges in the Gulf of Guinea with a lifting capacity of 850 tons. Kaztec's fleet also includes two anchor vessels for onshore, offshore and deep water oil and gas services. Last year, the National Association of Energy Correspondents (NAEC) named Kaztec its choice for Best Oil Service Company of the Year in Nigeria.

The Chrome Group, founded in 1994 by Sir Emeka Offor, is one of Nigeria's leading indigenous multinational businesses with subsidiaries operating in oil and gas exploration and production, oil and gas servicing, engineering, insurance, logistics and power industries.

About Kaztec Engineering Limited

Kaztec Engineering Limited is fast becoming a leader in the fabrication of drilling and production platforms, as well as other specialized structures in the oil and gas industry. The company is equipped to provide turnkey onshore and offshore fabrication and installation services. Its core capabilities include engineering, procurement, construction, installation and commissioning of offshore and onshore oil and gas facilities for the oil and gas industry in West Africa. Kaztec values cultural individuality, a work ethic bound by quality, employee safety, and a strong focus on its clientele. Kaztec's corporate headquarters is in Abuja, Nigeria. The company is a subsidiary of the Chrome Group, one of Nigeria's leading indigenous conglomerates with companies operating in oil and gas exploration and production, oil and gas servicing, engineering, insurance, logistics and power industries.

CONTACT: Val Oji Chrome Group Chief Communications Officer +234 803 719 0145 val@thechromegroup.net

Source:The Chrome Group