UAE’s NMDC gets approval to IPO subsidiary NMDC Energy

NMDC lines up NMDC Energy’s IPO: The National Marine Dredging Company (NMDC)Group ’s board approved a plan to IPO its EPC unit NMDC Energy on the Abu Dhabi Securities Exchange (ADX), according to a ADX disclosure (pdf) released on Friday. The proposal is now pending regulatory approvals from the Securities and Commodities Authority and the ADX. Details on the size or value of the IPO have not been disclosed.

About NMDC Energy: The firm, formerly known as National Petroleum Construction Company, was founded by Andoc in 1973, according to their website. NMDC specializes in offshore construction, operating in the oil, gas, and energy industry.

IN OTHER NMDC NEWS-

NMDC lands USD 200 mn dredging contract from Adnoc: The National Marine Dredging Company (NMDC) Group secured a contract worth over USD 200 mn from Abu Dhabi National Oil Company (Adnoc) for marine dredging works at the Ruwais liquified natural gas (LNG) project, according to an ADX disclosure (pdf). The project is expected to be completed within 10 months.

The details: The contract will see NMDC removing around 15 mn cubic meters of material through a 5km-long, 245-meter-wide channel and installing essential navigational equipment to ensure safe access to the Ruwais LNG facility, according to a press release.

REMEMBER- Adnoc handed out USD 5.5 bn in engineering, procurement, and construction (EPC) contracts to a JV between engineering companies NMDC Energy, Technip Energies and JGC Corporation back in June, after reaching the final investment decision for the project at an executive board committee meeting.