Adnoc Logistics and Services (Adnoc L&S) has secured a $975m engineering, procurement and construction (EPC) contract from Adnoc Offshore.
The contract covers dredging, land reclamation and marine construction of an artificial island in the Lower Zakum offshore field.
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Adnoc L&S noted that this is the first major deal for the company after it was listed on the Abu Dhabi Securities Exchange (ADX) earlier this month.
The company added that at least 75% of the total contract value will go back to the UAE economy.
Adnoc L&S CEO Abdulkareem Al Masabi 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.
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“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.”
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By GlobalDataThe contract is a component of Lower Zakum’s long-term development strategy, which aims to meet the rising energy demand.
Operated by Abu Dhabi National Oil Company (Adnoc), the Lower Zakum field offshore Abu Dhabi aims to produce 450,000 barrels of oil per day by 2025.
Last October, Adnoc selected the National Petroleum Construction Company (NPCC) to build a new main gas line at the Lower Zakum field.
