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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.  

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