(Ecofin Agency) - Romania’s offshore drilling and service provider GSP Holdings has announced plans to establish its subsidiary in Nigeria.

According to Gabriel Comanescu the CEO of GSP Holding and President of the Board, the company was already in talks with local partners. “We are targeting pipeline and offshore construction projects that will start from Q1 2016. Negotiations are well advanced with local offshore construction companies that will provide support for local content,” he said.

As a matter of fact, the company is confident that by entering into the Oil and gas market with a project worth $500 million, it will derive $200 billion of investment in return over the next ten years from Nigeria’s energy sector.

This is a great achievement for Nigeria as the company currently operates eight offshore drilling rigs, twelve offshore support vessels as well as three construction vessels in Constanta, Romania, Oil and gas people reports.