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ADNOC L&S secures 1st major project award after ADX listing

ADNOC L&S secures 1st major project award after ADX listing
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Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) has been awarded an artificial island ‘G’ construction contract by ADNOC Offshore at a value of $975 million, according to a press release.

This marks the company’s first major award following its listing on the Abu Dhabi Securities Exchange (ADX) on 1 June 2023, which witnessed the highest demand globally for an initial public offering (IPO) this year.

At least 75% of the total contract's value will be pumped into the UAE economy as a part of ADNOC’s In-Country Value programme.

The engineering, procurement, and construction (EPC) services align with ADNOC L&S’ objectives to pursue new growth opportunities and achieve significant ongoing growth, including expansion into new verticals.

Meanwhile, the deal is part of Lower Zakum’s Long-Term Development Plan to safely and sustainably unlock greater value.

The UAE group seeks to offer a wide range of services to its customers as the EPC market is foreseen to experience substantial growth in the region in the coming years. This is besides facilitating the growth of ADNOC’s upstream and downstream operations.

Abdulkareem Al Masabi, CEO of ADNOC L&S, noted: “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.”

In the first quarter (Q1) of 2023,  ADNOC L&S logged net profits after tax valued at $144.92 million, an annual hike from $16.23 million.