Adnoc Offshore has awarded a $975 million contract for the construction of an artificial island to Adnoc Logistics and Services, a world leader in energy maritime logistics.
At least 75% of the overall contract value for the dredging, land reclamation, and marine construction of an artificial island "G" for the Lower Zakum offshore field will be reinvested in the UAE economy as part of Adnoc's In-Country Value programme, according to sources.
Adnoc Logistics & Services' (Adnoc L&S) strategy to pursue new business prospects has reached a key turning point with this award.
The Integrated Logistics business segment of Adnoc L&S offers complete, integrated energy logistics services. In keeping with its previously stated aim to achieve significant continued growth, including development into new verticals, the company revealed that it has introduced the supply of engineering, procurement, and construction (EPC) services in the integrated logistics industry.
In the upcoming years, the EPC industry is anticipated to expand significantly in the region. According to the corporation, it wants to provide a wider range of services to its clients while promoting the expansion 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.”