Adamac Revolving Credit Facility The credit facility is for the benefit of DSNL Offshore Limited, a wholly owned Adamac subsidiary focusing on engineering, design, construction and installation of offshore facilities.  The facility would be used to refinance a working capital loan and for financing working capital requirements for new contracts.  The existing working capital loan was undertaken for the company''s participation in the Offshore Gas Gathering System - OGGS contract.  This contract involves the development of an offshore and onshore network of pipelines consisting of over 360 KM of 32'''', 24'''' and 16'''' pipes to collect associated and non-associated gas for delivery to a local LNG (Liquefied Natural Gas) facility.  Adamac''s scope of work in the execution of the OGGS project among others includes the following:    - Provision of integrated FBE (Fusion Bonded Epoxy) and concrete weight pipe coating plant to be located at the Onne Oil and Gas Free Zone in Onne Town, Rivers State, Nigeria, and all associated pipe coating logistics and services for the entire OGGS pipeline network   - Provision of over 173,000 square meters of land for pipe storage and load out services to Offshore Cargo Barges at the Adamac yard in Onne Oil and Gas Free Zone   - Provision of project management services   - Fabrication and construction of offshore section of OGGS pipeline including landfall/shore approach   - Fabrication and construction of onshore section of OGGS pipeline   - Engineering, fabrication and construction of onshore receiving facilities and tie in with LNG Train 3 Plant.    IFC''s Role:    The credit facility would provide Adamac access to longer term financing and thereby provide greater flexibility in developing and funding its investment program and contracting strategy.  The facility would strengthen Adamacs financial situation by reducing its heavy borrowing costs (approximately 30%) and thereby increasing its competitiveness vis-à-vis foreign contractors.      IFC will also assist Adamac in the preparation of a corporate level Environmental Management System (EMS) to govern the activities of all of the relevant operating subsidiaries.  An EMS will enable Adamac to better screen and select potential projects based on the expected environmental impact.     IFC financing will be Adamacs first introduction to the international financial markets. Given the company''s expansion plans, continued access to international capital is necessary to ensure its growth potential.    Developmental Role:    - Enable Adamac, a major employer of Niger Delta indigenes, to compete more effectively with foreign companies on certain contracts and thereby increase local participation in the Nigerian oil and gas sector.    - Through Adamac''s partnership with strong technical foreign partners on bigger contracts, allow for technology transfer and skills upgrade for Adamac''s eventual expansion into international markets.   - Provide contract financing for a project designed to support the governments gas flaring reduction initiative.    Adamac employs over 4500 full staff native to the Niger Delta area.  Under each new contract, Adamac could employ up to 1000 additional contract laborers primarily from the Niger Delta.