Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) has expanded its integrated logistics business segment in 2024 after acquiring 20 offshore assets and securing 19 jack-up barge (JUB) deployments, according to a press release.
The ADX-listed group acquired and deployed nine offshore support vessels (OSVs), including a passenger ferry, crew boats, anchor-handling tug supply vessels, platform supply vessels, and multipurpose supply vessels.
Furthermore, six newly built flat-top cargo barges were acquired from Premier Marine Engineering in Dubai to develop engineering, procurement, and construction (EPC) projects.
The company also owned two accommodation barges, with the capacity to house 300 crew members at offshore production sites, each.
The investments in the integrated logistics business contributed to strong growth in the segment, with revenues for the first nine months (9M) of 2024 hiking by 51% year-on-year (YoY) to $1.67 billion (AED 6.14 billion).
Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “ADNOC L&S is well positioned to build on this solid performance in 2025 as we meet the evolving needs of customers and capitalize on new market opportunities while delivering sustainable growth and long-term value to our shareholders.”
Regional Expansion
Through its subsidiary ZMI Holdings, ADNOC L&S secured up to one-year contracts for the deployment of 10 JUBs to back the EPC projects in the UAE and Saudi Arabia.
Additionally, the group secured a five-year contract for deploying a JUB in Qatar, with a two-year extension option.
ADNOC L&S also secured three-year contracts this year to deploy eight JUBs, with a two-year extension option, to support operations in the Upper and Lower Zakum fields in the UAE.
The contracts will deliver revenue between $500 million and $600 million (AED 1.80 billion and AED 2.20 billion), with extension options for an additional $300 million to $350 million (AED 1.10 billion and AED 1.30 billion).
Reflecting its confidence in the asset type, ADNOC L&S acquired three additional shallow water JUBs in 2024 to enhance its offerings in the UAE and Saudi Arabia.
ADNOC L&S also continues to expand its international footprint, operating JUBs in the US and the North Sea, and is exploring further growth opportunities in these markets.
Last November, the company received the first of six new-build liquified natural gas (LNG) carriers from Jiangnan Shipyard in China.
