Rating Release

Agusto & Co. hereby affirms the “Bbb+” long-term and “A2” short-term ratings assigned to Jimcol Resources Nigeria Limited (“Jimcol” or “the Company”) with a stable outlook 

The ratings expire on 30 June 2026.

Agusto & Co. hereby affirms the “Bbb+” long-term and “A2” short-term ratings assigned to Jimcol Resources Nigeria Limited (“Jimcol” or “the Company”). The rating affirmation reflects the Company’s good profitability, underpinned by an expanding contract portfolio with international and leading indigenous upstream oil and gas companies and its healthy cash flow position. The ratings further consider Jimcol’s dollar-denominated earnings, which provide a natural hedge against foreign exchange risk, as well as the critical nature of its core service offerings that supports sustained demand. However, the ratings are constrained by Jimcol’s inadequate working capital, its concentrated ownership structure and elevated security risks arising from the volatile operating environment in key oil production hubs.

Jimcol was incorporated in 1990 as a diversified indigenous service provider to Nigeria’s oil and gas industry. The Company’s offerings include asset integrity and maintenance, drilling support, engineering and construction, as well as training and consultancy services. Since inception, Jimcol has executed over 25 major projects and currently maintains ten active contracts. The Company’s client base includes ExxonMobil, Shell Petroleum Development Company (now Renaissance Africa Energy Company), TotalEnergies, Seplat Energy (formerly Mobil Producing Nigeria Unlimited), Nigerian LNG Limited, Chevron Nigeria Limited, as well as the Nigerian National Petroleum Company Limited and its subsidiaries. In 2024, Jimcol purchased a diving support vessel to drive the sub-sea segment of its asset integrity and maintenance operations.