How has the past year been for Mainsol?

2024 was a good year and from January to March 2025, we closed some new deals. Last year, we talked about having a liquid mud plant in Soyo. That is still not there, but we are still working towards it. We have been engaging with Baker Hughes, our partner for drilling and completion fluids. We have made good progress, and before the end of the year, we should have at least one infrastructure in the north of Angola. If all goes well, by Q1 2026 we should have another one elsewhere in the country.

Our primary strategy is always to look at the space where the big guys are operating and to compete at the highest levels. We look towards exclusivity services such as slickline, waste management, manpower, and training. We are working mostly in the upstream providing equipment rental and personnel, but we have projects in downstream, which are still in the early stages. We are making good progress in the that space.

What trends are you seeing in the Angolan market?

For local companies in Angola, it is all about personnel and equipment. It can be competitive for personnel because you compete with big international companies. Then there is equipment: To get equipment, you need to import it - Angola does not manufacture equipment and critical parts for the industry. One has to bring everything from outside, and then you need expertise from the OEM and training on the specific equipment. 

One of the challenges we have in Angola is that you are providing services to operators and service providers who are international, with very high safety standards and equally high operation delivery expectations. These companies mostly get paid in strong foreign currency, but will try to ensure that local companies are paid in local currency. So, for equipment imported in foreign currency, you have to pay for exchanging Kwanzas into foreign currency first. There is also the risk of the lag time between payment terms - from one side, it may be 45 to 60 days, but for a small company, it can go up to 120 or even 180 days. Meanwhile, your equipment supplier wants their payment with completely different terms, sometimes in advance, which makes most local companies business models unsustainable. 

How does your approach in Namibia differ from that in Angola?

Angola and Namibia are at different stages. In Namibia, we are focusing on soft skills, training, agency leadership, and support services that are not so heavily reliant on equipment. The market does not need some of the services and equipment at this stage, so we are starting small, with basic services such as logistics, general maintenance and warehouse management. Once we have managed to get some momentum going with a couple of contracts, we can move on to bigger/more cash intensive solutions. We have partnerships with seasoned companies from mature markets, including UK and US, to provide training services for local companies in the sector. Namibia has a higher literacy rate and an English-speaking population; the potential is there. 

Could you tell us more about your vision for a liquid mud plant and what it means for Mainsol?

This is big. The market has three key players: Mi-Swaco, Baroid and Mainsol. Geographically, Luanda and Soyo are the battlegrounds. We have a strong partner for drilling and completion fluids globally, which puts us in a good position for the Angolan market. We have made more progress than our local competitors. We understand what it takes, and the early mover advantage gives us strength. 

It is a game changer. We will be playing in the high numbers. A reasonable local contract will give you a couple of million US dollars per year.

What are your priorities for the coming year?

We are celebrating 10 years, opening and starting operations in Namibia, and working on the Drilling and Completions Fluids space. We also working towards having a different chemical supply landscape in Angola. Many local companies are entering the chemicals market, and some well-known providers are trying to get out of it, using local companies instead – as part of local content play as there is also strong business cases for the shift.