The Nigerian Exchange Limited has announced that it has suspended trading in the shares of integrated oil & gas offshore support vessel services company, Global Spectrum Energy Services Plc.

This was revealed in the weekly report of the NGX.

NGX stated that trading in the shares of Global Spectrum Energy Services Plc was suspended on Tuesday.

“The suspension is necessary to prevent trading in the shares of the company in preparation for the delisting of the securities of the company in line with the approval obtained from Nigerian Exchange Limited,” the NGX said

In a notice signed by the company’s secretary, Adetola Raheem, in 2022, the energy service company said that the decision to delist from the Nigerian capital market was made during a meeting of the board of directors of Global Spectrum Energy Services Plc on February 28, 2022.

Afterwards, the company’s board of directors recommended voluntary delisting in a written resolution dated March 24, 2022, it stated.

The company did not stipulate the reasons for the decision to voluntarily delist from the Nigerian Exchange Limited.

Established in 2006 as a limited liability company, Global Spectrum joined the NGX in November 2017 by listing 800 million ordinary shares of 50 Kobo each at N5 per share on the exchange’s main board.

Its unaudited financial statement for the third quarter report for the period ending September 2022, showed that the company’s revenue grew to N851.16m from N506.05m recorded in the same period in the previous year.

Its total comprehensive income for the quarter appreciated to N54.36m from N37.48m recorded in the July-September 2021 financial period.

The company provides integrated offshore support services such as maritime security, logistics, engineering services and more.