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The engineering, procurement and construction contract is the first to be obtained by ADNOC Logistics and Services after expanding its logistics services and listing it on the Abu Dhabi Stock Exchange in a public offering that witnessed exceptional demand.
The contract supports ADNOC Logistics and Services’ growth and expansion strategy by taking advantage of new business opportunities that provide additional sources of revenue.
Redirecting at least 75% of the contract value to the local economy through the ADNOC In-Country Value programme.
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Abu Dhabi, June 8 / ADNOC Logistics and Services, the world’s leading company in the field of logistics and marine services for the energy sector, whose shares are traded under the symbol “ADNOCLS”, announced that it had obtained a contract worth 3.588 billion dirhams to carry out the construction of an artificial island, from the company “ADNOC”. Navy”.
According to the contract, ADNOC Logistics and Services will carry out dredging, land reclamation and construction of offshore facilities for the artificial island “G”, in the offshore “Lower Zakum” field. At least 75% of the contract value will be redirected to the local economy through ADNOC’s In-Country Value programme.
The awarding of this contract is a major achievement within ADNOC Supply and Services’ strategy to explore new opportunities and areas for growth in line with its plans to achieve continuous significant growth, which includes expansion in new sectors, through the company’s integrated logistics unit.
ADNOC Logistics and Services aims to expand its share in the engineering, procurement and construction contract services market for marine areas, as this market is expected to witness significant growth in the region in the coming years.
The company provides a wide range of services to its customers while contributing to enabling the growth of ADNOC’s operations in the areas of exploration, development and production, refining, manufacturing and marketing.
This contract is the first contract obtained by ADNOC Logistics and Services after its listing on the Abu Dhabi Stock Exchange on the first of June 2023, after an IPO that witnessed exceptional demand, making it the highest request for a public subscription in the world this year so far.
Captain Abdul Karim Al-Masabi, CEO of ADNOC Logistics and Services, said on this occasion: “Based on its expertise in project management and the provision of integrated logistical solutions, ADNOC Logistics and Services has high capabilities to implement engineering, procurement and construction contracts for offshore areas that support growth plans.” ambitious for its customers, and achieve additional value for its shareholders.
He added: “The awarding of this contract for the construction of the artificial island “G” is evidence of the company’s commitment to implementing its expansion strategy by taking advantage of new opportunities and areas of growth. This contract also reflects the wide range of services provided by the company to its customers, and the confidence of ADNOC Marine in the capabilities and capabilities.” ADNOC Logistics & Services as a reliable and preferred partner for providing integrated logistics and marine services.
This contract is part of the long-term development plan for the Lower Zakum field, which aims to enhance and increase value in a safe and sustainable manner. The awarding of this contract also contributes to supporting ADNOC’s efforts to meet the growing global demand for energy.
ADNOC Offshore has succeeded in implementing the concept of the artificial island over the past years, through which it was able to achieve significant cost savings and environmental benefits, compared to traditional methods that require more marine installations and infrastructure.
ADNOC Logistics and Services is the largest integrated shipping and logistics company in the region, as it owns a diversified fleet consisting of 245 marine vessels, operates and rents approximately 540 ships annually, in addition to a logistics base that extends over an area of 1.5 million square meters in Abu Dhabi, and its logistical capabilities. Integrated.
In the medium term, ADNOC Logistics and Services aims to achieve average annual growth in earnings before interest, taxes, depreciation and depreciation by obtaining new contracts, expanding the integrated logistics platform and improving the deployment of barges.
