Evertech has signed a major agreement with the state-owned Abu Dhabi National Oil Company (Adnoc) to build onshore and offshore structures in the United Arab Emirates.
“Through this strategic cooperation agreement, [SCA]ADNOC has requested that the steel fabrication works be carried out within the UAE manufacturing facilities”.
Subsidiary Eversendai Offshore operates a manufacturing facility in Ras Al Khaimah in the UAE, one of the largest of its kind in the region, which Eversendai describes as a “well-established beachside manufacturing facility”.
It caters to the oil, gas and energy transition segments, with an increased focus on the offshore wind farm market.
Adnoc is spending heavily to expand its oil production capacity, which is expected to increase from the current 4 million barrels per day to 5 million barrels per day by 2027.
It has signed agreements with more than 60 domestic and foreign companies for local manufacturing opportunities for various industrial products.
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The agreements bring the company closer to its goal of locally producing products worth AED70 billion ($19 billion) in its sourcing pipeline announced last year.
ADNOC said Dh20 billion of the agreements signed so far have been earmarked for local manufacturing plants.
“These manufacturing plants will create thousands of new jobs, drive GDP growth and enhance the resilience of local supply chains across multiple industrial sectors in the UAE,” the report said.
Everest described the cooperation with ADNOC as “a great opportunity and great potential to acquire more ADNOC projects in the next few years”.
“ADDNOC aims to facilitate commercial opportunities between ADNOC and UAE steelmakers over the next five years, and ADNOC’s project development plans are expected to present significant potential opportunities ,” it noted.
Adnoc brought forward its $19 billion procurement pipeline award target to 2027, ahead of its previous 2030 target.