Adnoc announces $1.17 billion contract

Abu Dhabi National Oil Company (Adnoc) announced on Thursday a $1.17 billion (Dhs4.3 billion) contract for the hire of 13 self-propelled jack-up barges to drive offshore operational efficiencies and support the expansion of its crude oil production capacity to five million barrels per day (mmbpd) by 2030.

The five-year contract was awarded by Adnoc Offshore to Adnoc Logistics & Services (Adnoc L&S) and underpins the world-class capabilities within Adnoc’s group companies.

Over 80 percent of the award value will flow back into the UAE’s economy under Adnoc’s successful In-Country Value (ICV) programme, supporting local economic growth and diversification.

The 13 self-propelled jack-up barges are multi-purpose assets that enable rig-less operations and maintenance with single-point responsibility provided by Adnoc L&S, enabling enhanced efficiencies. The barges, which will be deployed across Adnoc’s offshore fields, are equipped to support a wide scope of operations, including project work, maintenance and accommodation.

Ahmad Saqer Al Suwaidi,  Adnoc Offshore CEO, said, “This significant award to Adnoc Logistics & Services will help deliver our production capacity expansion in the offshore and directly support Adnoc’s strategic growth objective of 5 million barrels of daily oil production capacity by 2030.

AdnocL&S have a proven track record in the industry, and their best-in-class expertise, together with the ready availability of these self-propelled jack-up barges, will help us drive efficiencies and flexibility while cementing Adnoc’s position as a leading low-cost and low-carbon energy producer. Critically, the award enables very high ICV, which can stimulate new business opportunities to support the growth and diversification of UAE’s economy in line with our wise leadership’s directives.”

Speaking on the contract, Captain Abdulkareem Al Masabi, Adnoc Logistics & Services CEO, said, “We are extremely proud to continue the decades-long relationship between Adnoc Offshore and Adnoc Logistics & Services.”

WAM