Abu Dhabi National Oil Company (ADNOC), through its unit ADNOC Logistics & Services, has expanded its fleet with the acquisition of Zakher Marine International (ZMI), an Abu Dhabi-based owner and operator of offshore support vessels, with the world’s largest fleet of self-propelled jack-up barges.
Upon completion of the transaction, which is subject to customary regulatory approvals, ADNOC L&S will add 24 jack-up barges and 38 offshore support vessels from ZMI, growing its total fleet size to over 300 units.
ADNOC has kept the financial details of the transaction under wraps. The company noted that with the acquisition of ZMI, it will broaden its services to include critical support assets for offshore operations, including ZMI’s maiden offshore renewables project in China, and extend its regional footprint, creating new opportunities for expansion with an industry-recognized partner.
Meanwhile, ZMI will benefit from access to new opportunities provided as a result of ADNOC’s ambitious growth strategy, allowing it to grow and expand its existing business footprint. ZMI will continue operating as a standalone entity under ADNOC L&S, led by Ali Hassan El Ali as CEO.
The acquisition was soon followed by the award of two substantial contracts totaling $2 billion to ADNOC Drilling for the Hail and Ghasha development project. The contracts comprise $1.3 billion for integrated drilling services and fluids and $711 million for the provision of four Island Drilling Units. ADNOC L&S secured a third contract, valued at $681 million, for the provision of offshore logistics and marine support services.
Overall, more than 80 percent of the value of the awards will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program and all three of the contracts will cover the Hail and Ghasha drilling campaign for a maximum of ten years.
The Hail and Ghasha development project is part of the Ghasha Concession which is the world’s largest offshore sour gas development and a key component of ADNOC’s integrated gas masterplan as well as an important enabler of gas self-sufficiency for the United Arab Emirates (UAE).
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Published at Thu, 28 Jul 2022 13:00:00 -0700