MVXchange (Motor-Vessel Exchange)
About the project
MVXchange (Motor-Vessel Exchange) is a B-2-B technology driven maritime platform that matches vessel charter requests to available Offshore Support Vessels (OSV’s) operating in the African Oil & Gas industry. The company is focused on empowering users (typically oil & gas companies) to conveniently charter and manage offshore support vessels while reducing man-hours, saving operational costs and improving performance. The company was launched in 2019 with a vision of building the future of OffShore Support Vessels (OSV) chartering in Africa by reducing inefficiencies while increasing the capacity and utilisation of vessels. Conceptually, its business model personifies the idea of an “Uber for Offshore Support Vessels”.
The company’s growth plan is to continue to expand across other oil-producing African countries as they look to match vessel availability with vessel utilization at the optimal market rate in these regions, especially Ghana, Angola and Senegal. The company plans to continue expansion with this strategy in the near future.
These markets were targeted on the basis of being among the top ten countries in the world with the largest remaining crude oil deposits, with 5,038 million barrels expected to be economically recovered in Nigeria alone.