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ADNOC Logistics and Services has been awarded a $975 million artificial island construction contract by ADNOC Offshore, including dredging, land reclamation and marine construction for the facility in the Lower Zakum offshore field.
This contract is a significant milestone in ADNOC L&S strategy to expand and pursue new growth opportunities. The provision of Engineering, Procurement and Construction (EPC) services in the integrated logistics business is a new offering by the company, which aims to offer a broader range of services to its customers while facilitating the growth of ADNOC’s upstream and downstream operations.
Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC L&S, said, “Capitalising on our project management expertise, end-to-end logistics solutions, and strategic partnerships, ADNOC L&S is primed to execute major offshore EPC contracts that support our customers’ ambitious growth plans and deliver value to our shareholders. This contract award for the construction of artificial island ‘G’ exemplifies our strategy to tap into new growth areas, showcasing the expanding range of services we offer to our customers and the trust that ADNOC Offshore has placed in us as their partner of choice.”
With a diverse fleet of 245 vessels, and approximately 540 vessels operated and chartered annually, combined with a 1.5 million m2 logistics base in Abu Dhab, ADNOC L&S is the region’s largest shipping and integrated logistics companies. The company is targeting an average annual EBITDA growth of around 13-16% over the medium term. This growth will be driven by new contract awards, further expansion of its Integrated Logistics Services Platform (ILSP), and optimised redeployment of jack-up barges.
