Guyana Shorebase Inc. (GYSBI) is making significant strides in advancing the construction of a new operations centre at its Houston shore base in Greater Georgetown. The company is actively seeking qualified contractors to undertake crucial construction services for this project.
In a recently issued Request for Information (RFI), GYSBI outlined its plans for the upcoming facility. The envisioned center will comprise two distinct buildings, with the construction proceeding in two sequential phases. Following the completion of each individual structure, the subsequent phase will involve their integration to create a cohesive operational complex.
Notably, GYSBI holds a pivotal role as the preeminent onshore logistics hub and shore base for Guyana’s burgeoning oil and gas sector. As a prominent Guyanese enterprise, it stands as a frontrunner in driving local content development, with over 95 percent of its workforce being Guyanese nationals.
The company’s stature received a notable boost through favourable credit assessments by the Caribbean Information and Credit Rating Services Limited (CariCRIS). This recognition stems from GYSBI’s robust market position, anchored by the thriving oil and gas industry in Guyana. The accolades bestowed upon GYSBI underscore its creditworthiness at both regional and national levels. CariCRIS has conferred initial ratings of CariAA- on the regional scale and gyAAA on the Guyana national scale for GYSBI’s proposed debt facilities, amounting to a maximum of US $33.7 million. These ratings affirm the high creditworthiness of GYSBI’s debt obligations in comparison to other regional and Guyanese obligations.
Established in 2017, GYSBI operates as a private entity, functioning as a joint venture among key players such as Muneshwers Limited, TOTALTEC Oilfield Services, Pacific Rim Constructors, and LED Offshore Limited. The company offers a comprehensive array of support services to the oil and gas sector, encompassing waste management, warehousing, construction, supply chain management, and logistics services.
Guyana’s pivotal Local Content Act of 2021 has been a game-changer, especially with its First Schedule enumerating 40 sectors where the participation of local Guyanese enterprises is accorded priority. This provision, encompassing construction among the various sectors, is strategically designed to augment economic retention within the country. Simultaneously, it nurtures the development of competencies and capacities among local individuals and businesses within the dynamic petroleum sector.
This stringent legislative framework revolves around the central aim of prioritizing the engagement of Guyanese citizens and businesses in the procurement of goods and services for the oil and gas operations, underlining the commitment to fostering local growth and empowerment.
