ADNOC L&S Acquired 20 Offshore Assets in 2024

ADNOC Logistics & Services Plc, a global energy maritime logistics company, on Thursday said that its integrated logistics business segment expanded significantly in 2024, with 20 offshore assets acquired and hire contracts secured for 19 Jack-Up Barge (JUB) deployments.

As part of the segment’s expansion strategy, ADNOC L&S acquired and deployed nine offshore support vessels (OSVs) including a passenger ferry, crew boats, anchor handling tug supply vessels, platform supply vessels and multipurpose supply vessels.

Additionally, six new-build flat top cargo barges were acquired from Premier Marine Engineering in Dubai to support Engineering, Procurement and Construction (EPC) projects. The company also acquired two accommodation barges, each with the capacity to house 300 crew members at offshore production sites.

These significant investments in the company’s Integrated logistics business contributed to strong growth in the segment, with revenues for the first nine months of 2024 increasing by 51% year-on-year to $1.67 billion.

This growth was driven by improved utilisation of JUBs coupled with the expanded fleet, higher transported volumes, accelerated Hail & Ghasha project delivery, and progress in EPC projects, the company said in a regulatory filing with the Abu Dhabi Securities Exchange (ADX) this morning.

ADNOC L&S CEO Captain Abdulkareem Al Masabi said that their strategic investments and fleet expansion have enabled substantial regional and international growth in Integrated Logistics, their largest revenue-generating segment.

He added: “ADNOC L&S is well positioned to build on this solid performance in 2025 as we meet the evolving needs of customers and capitalise on new market opportunities, while delivering sustainable growth and long-term value to our shareholders.”

Top Performing Assets

Jack-up barges were among the highest-performing asset types in the Integrated Logistics segment in 2024. Through its subsidiary ZMI Holdings, ADNOC L&S secured up to one-year contracts for the deployment of 10 JUBs, with a six-month extension option. These JUBs support EPC contracts in the UAE and Saudi Arabia. The company also secured a five-year contract for deploying a JUB in Qatar, with a two-year extension option.

ADNOC L&S also secured three-year contracts this year to deploy eight JUBs, with a two-year extension option, to support operations in the Upper and Lower Zakum fields in the UAE. These contracts will deliver revenue between $500 million and $600 million, with extension options for an additional $300 million to $350 million.

Reflecting its confidence in the asset type, ADNOC L&S acquired three additional shallow water JUBs in 2024 to enhance its offerings in the UAE and Saudi Arabia. ADNOC L&S also continues to expand its international footprint, operating JUBs in the United States and the North Sea, and is exploring further growth opportunities in these markets.

Integrated logistics is the largest operating segment in ADNOC L&S, and includes offshore contracting, offshore services and offshore project activities. The segment has grown substantially since IPO in June 2023 through the expansion and internationalization of service offerings to the energy sector.

Scheduled to be delivered in Q1 of 2025, the flat top cargo barges acquired from Premier Marine Engineering in Dubai support local manufacturing and will make a 43% contribution to ADNOC L&S’ In-Country Value score, the company said.