Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company secured a cornerstone investment with a share value of AED 257 million, equivalent to $70 million, in ADNOC Logistics and Services (ADNOC L&S).

This step aligns with the ADX-listed company’s objectives to diversify its investment portfolio across the UAE and deliver superior value to its shareholders, according to a press release.

Guy Neivens, CEO of Al Seer Marine, highlighted: “Al Seer Marine is building on its highly diversified investment portfolio, and with ADNOC has excellent and longstanding track record and network within the global energy maritime logistics sector.”

“We are confident this cornerstone investment in ADNOC Logistics and Services PLC will reflect positively on our growth strategy,” Neivens added.

During the 12-month period that ended on 31 December 2022, Al Seer Marine posted a plunge in net profit to AED 1 billion from AED 2.51 billion in 2021.

Last March, ADNOC L&S signed a $2.60 billion agreement with ADNOC Offshore for its integrated logistics services platform (ILSP).