ADNOC Logistics & Services (ADNOC L&S), a global energy maritime logistics leader, has been awarded a $975-million artificial island construction contract by ADNOC Offshore.
At least 75% of the total contract value for the artificial island “G” will flow back into the UAE economy in line with ADNOC’s In-Country Value program.
The deal comes within the framework of the ADX-listed company’s strategy to pursue new growth opportunities.
The Engineering, Procurement, and Construction (EPC) market is forecast to experience substantial growth in the region in the coming years.
In this regard, the UAE group aims to widen its range of services to its customers while facilitating the growth of ADNOC’s upstream and downstream operations.
Abdulkareem Al Masabi, CEO of ADNOC L&S, 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.
“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,” Al Masabi added.
The project is part of Lower Zakum’s Long-Term Development Plan, which aims to safely and sustainably unlock greater value while helping to meet the increasing global energy demand.