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Adnoc L&S boosts its barge fleet by 25% , enters Iraq : Global energy maritime logistics leader Adnoc L&S has taken delivery of eight self-propelled jack-up barges (JUB) through its subsidiary Zakher Marine International(ZMI), one of which will be the first to serve the Iraqi market, according to a company disclosure (pdf) on the Abu Dhabi Exchange (ADX). The addition brings Adnoc L&S’ fleet of owned and operated barges from 31 to 39. The value of the JUBs was not disclosed in the release.
SOUND SMART- A self-propelled JUB provides a stable platform for delivery of offshore services for clients, including installation, hook-up, upgrading existing infrastructure, extending offshore assets, and other services, according to ZMI’s website.
The details: The company purchased four newbuild JUBs, four second-hand ones, and chartered two newbuild JUBs, according to the disclosure. The JUBs will be multi-functional and are designed to provide an array of well services including operations, maintenance and accommodation at offshore fields, the disclosure adds.
Entering new markets: One of the JUBs will serve the Iraqi market — marking Adnoc L&S’ entry into the new market in a bid to serve their regional expansion, according to the disclosure. “The addition enables us to provide a broader range of services to our customers and unlock new and sustainable value, as we venture into new markets,” Adnoc L&S CEO Abdulkareem Al Masabi said.
About ZMI: Adnoc L&S acquired the Abu Dhabi-based owner and operator of offshore support vessels–with the largest fleet of self-propelled JUBs, ZMI back in 2022. “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,” ZMI CEO Ali El Ali commented.
REMEMBER- Adnoc L&S wrapped up its IPO on the ADX back in June, which saw it raise USD 769 mn — making it the second largest in the region so far this year. The proceeds reaped from the transaction were earmarked for Adnoc’s ambitious USD 4-5 bn medium term growth strategy, which includes scaling up Adnoc L&S’ shipping, integrated logistics and services platform operations.
