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Progressive presented ‘Deal of the Year’ Award to Eni at Africa Assembly 2018

Progressive presented ‘Deal of the Year’ Award to Eni at Africa Assembly 2018

13 July 2018

Progressive was pleased to present the ‘Deal of the Year’ Award to Eni at the Africa Assembly event in Paris.

London, 13 June: Progressive Technology Solutions (“Progressive”) the leading finance, supply chain and asset management systems and solutions company, was pleased to present the ‘Deal of the Year’ Award to Eni at the Africa Assembly event in Paris.

Chris Walcot, CEO of Progressive who presented the Award commented "It was a privilege and an honour to be in a position to present this award to Eni for the ‘Deal of the Year’ Award at the Gala Dinner during the Africa Assembly in Paris. The transaction was the biggest seen on African soil to date where Eni sold a 25% indirect interest in the natural gas-rich Area 4 of the Rovuma Basin to ExxonMobil Development Africa B.V. (“ExxonMobil”). The terms of the sale, agreed in March 2017, included a payment of $2.8 billion subject to a contractual adjustment until the date of closing, a milestone for deal-flow in Africa. The deepwater Area 4 discoveries contain an estimated 85 trillion cubic feet (2,400 billion cubic meters) of natural gas, which is projected to be the world’s fastest-growing major fuel source, with Mozambique being well positioned to supply LNG customers around the world for the next 40 years and beyond. The increase in activity on the E&P front in Africa is encouraging and Progressive is seeing an uptick in client activity in our African business."

The key theme that came out of the event were one of optimism, driven no doubt by the improved oil price, but a commitment to continue to reduce costs and keep the discipline developed during leaner years. Progressive provides expertise in the form of Consultancy, Product and Technology Solutions to a wide range of clients and our main objective in implementing our solutions is to increase efficiencies and reduce costs. Progressive is able to offer a multitude of product solutions depending on client’s needs. We are an IBM Silver Business Partner and an Infor Gold Partner and we deliver IBM Maximo, Infor EAM and SunSystems for our clients in Africa and globally.

For more information, contact:

Chris Walcot, CEO

Email info@progressive-tsl.com

Telephone  +44 20 3696 8290

Gayle Meikle, Marketing & PR

Email gayle.meikle@progressive-tsl.com

Telephone  +44 77 030 63848

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