Skip to content Skip to Search
Skip navigation

Adnoc L&S bags $975m EPC contract for ‘artificial island’

Adnoc Drilling plans to reallocate staff as the rig fleet expands over the next 18 months Adnoc L&S

The newly-listed Abu Dhabi National Oil Company (Adnoc) logistics subsidiary has secured a $975 million contract to build an artificial island.

The contract – the first major award for Adnoc Logistics and Services (Adnoc L&S) after being listed on the Abu Dhabi Securities Exchange (ADX) on June 1 – was awarded by Adnoc Offshore. 

The award is part of offshore field Lower Zakum’s long-term development plan to increase crude output.

Adnoc L&S has a fleet of 245 vessels and approximately 540 vessels operated and chartered annually, combined with its 1.5 million sq m logistics base in Abu Dhabi.

Adnoc’s in-country value programme states that at least 75 percent of the total contract value for dredging, land reclamation and marine construction of the artificial island “G” for the Lower Zakum offshore field will flow back into the UAE economy.

Last month the order book for the initial public offering (IPO) of Adnoc L&S reached over $125 billion, hitting an oversubscription level of 163 times.

The IPO was priced at the top of the range at AED2.01 per share, valuing the company at $4.05 billion. The price range was set between AED1.99 and AED2.01 per share on May 16.  

Latest articles

Aviation IT Shop, Shopping Mall, Person Dubai Airports already uses biometric technology and is preparing to launch a Smart Corridor to speed up boarding procedures airport aviation IT airports airlines investment

Aviation spends billions on IT to improve experience

The aviation sector invested billions into IT in 2023, as companies sought to improve passenger experience, according to a new industry report. Global airports increased their IT spending by 23 percent year on year to almost $11 billion last year, while airlines upped spending by 15 percent to $34 billion, according to the 2023 Air […]

Sellers at the fish market in Jizan, Saudi Arabia. The kingdom brought in regulations in 2021 to curb overfishing

Saudi Arabia and UAE back fishing subsidies ban

The UAE and Saudi Arabia were the only GCC countries to back a failed bid by the World Trade Organization (WTO) to curb subsidies that contribute to overfishing and wider fishing sector overcapacity. It had been hoped that the Agreement on Fisheries Subsidies (AFS), which, according to WTO director-general Ngozi Okonjo-Iweala, has “been on the […]

Tourists in front of the Jabal Al-Mawaqi rock art in Saudi Arabia

PIF and Seera fail to reach agreement on investment

Saudi travel major Seera Group Holding has terminated plans for the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, to invest in its subsidiary, Almosafer Travel and Tourism Company. The termination comes after the two companies failed to reach an agreement, Seera said in a statement to the Saudi bourse. The statement clarified that […]

The market value of net assets crossed AED20.8 billion, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ

Dubai Airport free zone operator’s profit rises 65%

State-owned Dubai Integrated Economic Zones Authority (DIEZ) said operating profit rose 64.6 percent year on year in 2023, driven by an 8 percent annual rise in revenues. The market value of net assets surpassed AED20.8 billion ($5.7 billion), Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, said on the social messaging platform X. “These […]