Fossil Energy – Artificial Island
Adnoc Logistics and Services has been awarded a $975 million contract by Adnoc Offshore to build an artificial island in the Lower Zakum offshore field.
At least 75 per cent of the total contract value for dredging, land reclamation and marine construction of the island will flow back into the UAE economy, Adnoc L&S said in a filing to the Abu Dhabi Securities Exchange in May.
“Capitalising on our project management expertise, end-to-end logistics solutions and strategic partnerships, Adnoc L&S is primed to execute major offshore EPC (engineering, procurement and construction) contracts,” said its chief executive Capt Abdulkareem Al Masabi.
“This contract award exemplifies our strategy to tap into new growth areas, showcasing the expanding range of services we offer to our customers.”
This is the maritime logistics company’s first major contract after being listed on the ADX last week.