ADNOC Logistics and Services will add 20 marine vessels during 2024

ADNOC Logistics and Services PLC, referred to as ADNOC Logistics and Services, announced today the expansion of its business in the integrated logistics services sector during the year 2024, with the acquisition of 20 marine assets and obtaining leasing contracts for 19 marine support platforms.

As part of its expansion strategy in the integrated logistics services sector, ADNOC Logistics and Services acquired nine marine support vessels, including personnel ferries, crew boats, berth handling supply vessels, platform supply vessels, and multi-purpose support vessels.

The company also acquired six new cargo transport platforms from Dubai-based Premier Marine Engineering Services to support engineering, procurement and construction projects.

The company also acquired two offshore personnel accommodation platforms, each with a capacity to accommodate 300 crew members working at offshore production sites.

The investments made in the integrated logistics services business enabled the company to achieve strong growth in this sector, as its revenues during the first nine months of 2024 increased by 51% year-on-year to reach 6.14 billion dirhams ($1.67 billion).

This growth came as a result of improving the use of offshore support platforms, expanding the company’s fleet, increasing the volume of transportation, accelerating the delivery path of the Al Hail and Ghasha offshore field development project, and the progress made in engineering, procurement and construction projects.

Captain Abdul Karim Al Musabi, CEO of ADNOC Logistics and Services, said that the strategic investments implemented by ADNOC Logistics and Services and the expansion of its fleet contributed to achieving significant regional and international growth in the integrated logistics services sector, which is considered the most revenue-generating within the company’s business.

He added that ADNOC Logistics and Services is well positioned to continue this strong performance through 2025, while meeting the evolving needs of customers, seizing new opportunities in the market, and focusing on continuing to achieve sustainable growth and long-term value for shareholders.

Marine support platforms were among the highest performing assets in the integrated logistics services sector during the year 2024, while the company, through its subsidiary Zakher Marine International Holding Company (ZMI), obtained ten lease contracts for marine support platforms for a period of up to one year with the possibility Extended for six months.

These platforms support engineering, procurement and construction contracts in the UAE and the Kingdom of Saudi Arabia, and the company also obtained a contract to provide marine support platforms in Qatar for a period of five years, with the possibility of extending for two years.

This year, the company signed eight lease contracts for offshore support platforms for a period of three years, with the possibility of extending them for two years, to support operations in the upper and lower Zakam fields in the UAE.

These contracts will generate revenues ranging between 1.8 and 2.2 billion dirhams ($500 to 600 million), with the possibility of extending these contracts to a value ranging between 1.1 and 1.3 billion dirhams ($300 to 350 million).

ADNOC Logistics and Services acquired three additional offshore support platforms operating in shallow waters during the year, strengthening its offerings in the UAE and Saudi Arabia. The company also continues to expand its global presence, as it currently operates offshore support platforms for customers in the United States and the North Sea. It is exploring additional opportunities for expansion in these markets.

It is noteworthy that the integrated logistics services sector is the largest operating sector in ADNOC Logistics and Services, which includes marine contracting, marine services and marine project activities.

This sector has witnessed significant growth since the initial public offering in June 2023, as the company succeeded in expanding the scope of its business and services provided to the energy sector at the global level.