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Tuesday, February 27, 2024

Adnoc Logistics gets 8 jack-up barges, increasing fleet by 25%

Adnoc Logistics & Services Plc (Adnoc L&S), a global leader in energy maritime logistics, has acquired eight self-propelled jack-up barges (JUBs) through its subsidiary, Zakher Marine International (ZMI) Holdings.

This expansion boosts Adnoc L&S’ JUB fleet from 31 to 39, solidifying its position as one of the largest JUB fleet owners and operators in the GCC region. This expansion comes at a time of robust JUB charter rates due to high offshore services demand.

The new JUBs include two newbuild and four second-hand purchases, along with the chartering of two newbuild JUBs. One of these barges will serve the Iraqi market, marking Adnoc L&S’ entry into a new market and supporting regional growth. These versatile JUBs are designed to offer various well services, including offshore field operations, maintenance, and accommodation.

Increased demand for JUBs is being driven by the growth in offshore energy production, particularly in shallow water fields and the offshore wind sector. These new additions will create added value for Adnoc L&S as it expands its geographical presence by exploring new markets.

Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, expressed, “The addition of these self-propelled jack-up barges to our growing integrated logistics and shipping fleet aligns with our ambitious smart growth strategy, enabling us to provide a broader range of services to our customers and unlock new and sustainable value for Adnoc L&S as we venture into new markets.”

Adnoc L&S’s acquisition of ZMI Holdings in 2022 has been instrumental in enhancing its offshore fleet, extending its regional footprint, and creating opportunities for expansion with a recognized industry partner.

Ali El Ali, CEO of ZMI Holdings, commented, “A UAE-born business, ZMI Holdings is one of the largest players in the GCC region’s maritime logistics. Our extensive fleet of jack-up barges and offshore support vessels enables us to offer best-in-class maritime logistics services to the offshore production and wind sectors. With our established presence in Saudi Arabia, Qatar, and now Iraq, we are strategically positioned to further expand our operations across Asia and explore new markets.”

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