Abu Dhabi National Oil Company’s L&S (ADNOC L&S), a global energy maritime logistics leader, on Monday said that it has taken the delivery of eight self-propelled jack-up barges (JUBs) through its subsidiary Zakher Marine International (ZMI) Holdings, boosting its Barge Fleet by 25%.
With this expansion, the number of JUBs owned and operated by ADNOC L&S has increased from 31 to 39, reinforcing the company’s status as the owner and operator of one of the largest fleets of JUBs in the GCC region.
This expansion comes at a time when JUB charter rates are robust due to high demand for offshore services, the company said in a filing with Abu Dhabi Securities Exchange (ADX) said.
The additional JUBs include the purchase of two newbuild and four second-hand ones, in addition to the chartering of two newbuild JUBs. One of the barges will serve the Iraqi market, marking ADNOC L&S entry into a new market and supporting the company’s regional expansion.
These multi-functional JUBs are designed to provide a range of well services, such as operations, maintenance, and accommodation at offshore fields.
Aligns With Growth Strategy
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said that the addition of these self- propelled jack-up barges to the company’s growing integrated logistics and shipping fleet aligns with its ambitious smart growth strategy, enabling us to provide a broader range of services to its customers and unlock new and sustainable value for ADNOC L&S as we venture into new markets.
“ADNOC L&S is committed to exploring new opportunities for expansion to continue driving value for our shareholders and strengthen our position as the region’s largest integrated logistics provider,” Al Masabi said.
ADNOC L&S has acquired ZMI Holdings in 2022 as part of its strategic value creation and growth programme. The acquisition added critical marine support assets to ADNOC L&S’ offshore fleet, extending its regional footprint and creating new opportunities for expansion with an industry- recognised partner.
Ali El Ali, CEO, ZMI Holdings, said that ZMI Holdings, the UAE-born business, 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,” he added.
The rising demand for JUBs is driven by an increase in offshore energy production, particularly in shallow water fields and the offshore wind sector. The addition of these JUBs will unlock fresh value for ADNOC L&S as it pursues new markets to expand its geographical footprint.
ADNOC L&S owns and operates the region’s largest diversified shipping fleet which ensures the reliable supply of gas, crude, products, and industry feedstock to our local and international customers.
The company offers market-leading commercial and ship management, as well as chartering services for the transport of gas, crude, refined products, and dry bulk. ADNOC L&S has a global reach of more than 50 countries in key growth markets supported by strategic partnerships, like the joint venture with Wanhua Chemical Group.