This month, Jon Hill and Thomas Dowdy checked in with Aboyi Olokpo, Director of International Business Development at NNW Inc. A 2024 placement for us, Aboyi recently completed his first year in post, and we were keen to debrief and see how things were going.
The company, a privately owned, Louisiana headquartered specialty service provider, focuses on oil & gas field life extension and end-of-life abandonment. NNW has been providing qualified wellhead services to its energy sector business partners in the US Gulf (fka Gulf of Mexico) for more than forty years.
JH: So Aboyi, it feels like just yesterday, but it’s been a year already. How does life today compare to your first month at NNW?
AO: I am happy to say that we are in a different place to where we were on my first day. The biggest change is that we are now seeing real results from initiatives that were nothing more than hypothetical objectives a year ago. As you are aware, scaling a domestic business overseas is no easy task. It requires patience, open-mindedness, innovation, a collaborative culture, and a full understanding of the dynamics in each new market being considered. And that is where we are right now.
TD: When we were engaged by the NNWs principals on this search, the mandate represented the natural evolution of a service provider leading its market segment at home, looking to continue the growth trajectory in new markets overseas. How are you doing versus the original plan?
AO: Given the specifics and my own background, much of which was focused on growth in new markets, I was highly motivated to take on this objective. Further, I realized in the first week that this was the right role for me. It was going to take some creativity and sheer determination but the foundational building blocks for success were in place. These were: (1) a commitment for growth; and (2) the ability to lever a “gilt edged” reputation in the United States. The company sought someone skilled in international growth to come in to provide a focus on the strategic analysis of the available opportunities and then be comfortable running with the top choices. It is a full accountability position.
JH: Very interesting Aboyi, what has been the biggest challenge thus far?
AO: Well, I would not call these challenges “per se,” however, embracing disparate groups of business cultures in the various international markets under investigation has been interesting. Additionally, from West Africa to the Middle East, we now encounter many more indigenous customers, as market dynamics continue to move toward local content. For example, I just returned from a 7-week trip to Africa where we presented and exhibited at a major industry event. Many of the fields previously operated by IOCs and Supermajors are now in the hands of local companies, in whole or in part. Such transitions take time, and we are happy to be part of the same – almost as a bridge from the past to the future.
JH: Any regrets?
AO: Absolutely not. A large portion of my career was spent within one of the top three global integrated service companies. However, at a certain point, the desire for entrepreneurial adventure can be frustrated by the rigorous structures often found inside Fortune 500 companies. So, it was time to move on. With that being said, I reflect on my earlier career time fondly. The large corporate environment allowed me to acquire and develop readily transferable skills and experiences.
Today, like others among our peer group of modestly sized niche service providers, success requires an entrepreneurial mindset to be successful. In the smaller setting I find myself today, while we do not have the ubiquitous footprint and infrastructure I was accustomed to in the past, we do possess the skills and flexibility to build highly efficient ecosystems comprising a network of local partners. Putting this together is very rewarding, personally.
JH: As you know, IR4 is a focus area for us, especially when it comes to distributed manufacturing and service delivery ecosystems. To what extent do you see IR4 and local content benefits and requirements intersecting in the markets you are looking at?
AO: This is a very interesting topic that is best highlighted by some of the things we are doing in West Africa today. Local machining and finishing partners are already established, However, impediments are often found with the absence of specific forming processes. One such example would be the lack of a foundry in some of these markets. Other than that, mitigating FX risk is always a factor, especially when costs are in one currency but revenues in another.
AO: I have a question for you – why did I get picked?
TD: It was a tough field; all finalists represented accomplished business developers who could demonstrate a track record of growth in a variety of international settings. For us, and as a general rule, the importance of behavioral fit cannot be overstated; and when the glove fits!
TD: Is there any messaging you’d like to put out there about NNW?
AO: We promise to be the best in what we do with our commitment to quality service and safety culture as key pillars for excellence. Our customers in North America have recognized us for this and are eager for us to work with them globally. We will definitely meet these expectation and bring Value to all new customers everywhere. Watch this space for some big announcements coming down the pipe.
TD: Well abandonment and decommissioning are currently hot topics and have been for some time. What does the future look like for NNW?
AO: This is an opportune time to be known as “first call” in the US for these services. But we do a lot more than that, both onshore and offshore. The high-level objective I have been tasked with: i.e. developing and executing a strategy, was catalyzed by customer request. That’s a good place to be – right place, right time, right team.
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