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General News · UAE

ADNOC L&S Expands Offshore Fleet with 20 New Assets in 2024

By · December 19, 2024 · Updated December 28, 2024 · 2 min read
ADNOC L&S Expands Offshore Fleet with 20 New Assets in 2024

ADNOC Logistics & Services Plc (ADNOC L&S) has achieved significant growth in 2024 by expanding its offshore capabilities. The company acquired 20 new offshore assets and secured contracts for deploying 19 Jack-Up Barges (JUBs), strengthening its position in the energy logistics sector.

Key Highlights of the Expansion

1. Fleet Expansion

ADNOC L&S enhanced its fleet with the acquisition of:

  • Nine Offshore Support Vessels (OSVs): These include a passenger ferry, crew boats, anchor handling tug supply vessels, platform supply vessels, and multipurpose supply vessels.
  • Six Newbuild Cargo Barges: These flat-top barges were acquired from Premier Marine Engineering in Dubai to support Engineering, Procurement, and Construction (EPC) projects.
  • Two Accommodation Barges: Each can house 300 crew members at offshore production sites, providing essential support for large-scale operations.

2. Strong Revenue Growth

The Integrated Logistics business saw a 51% year-on-year revenue increase in the first nine months of 2024, reaching $1.67 billion (AED 6.14 billion). This was driven by:

  • Higher utilization of Jack-Up Barges (JUBs).
  • Increased fleet size and transported volumes.
  • Progress in the Hail & Ghasha project.
  • Advancements in EPC projects.

3. Strategic Jack-Up Barge Operations

  • ADNOC L&S secured contracts for 10 JUBs in the UAE and Saudi Arabia for up to one year, with options for six-month extensions.
  • A five-year contract for deploying a JUB in Qatar includes an additional two-year extension option.
  • Contracts for eight JUBs in UAE’s Upper and Lower Zakum fields will last three years, with a two-year extension option.

4. Revenue from JUB Operations

The contracts are expected to generate $500–$600 million (AED 1.8–2.2 billion), with potential extensions adding $300–$350 million (AED 1.1–1.3 billion).

5. International Growth

The company expanded its operations to the United States and the North Sea and is exploring further opportunities in these regions.

CEO Statement

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, stated:

“Our strategic investments and fleet expansion have enabled significant growth in our Integrated Logistics segment. As we enter 2025, we aim to meet evolving customer needs and explore new market opportunities while delivering sustainable growth and long-term value for our shareholders.”

Integrated Logistics: Driving Growth

The Integrated Logistics segment, the largest revenue generator for ADNOC L&S, includes offshore contracting, services, and project activities. Since its IPO in June 2023, the company has rapidly expanded its offerings and international presence, cementing its role as a leader in energy logistics.

ADNOC L&S’s ambitious growth strategy ensures it is well-positioned to continue its success in the coming years.