NMDC LTS moves to acquire 70% stake in Emdad: NMDC’s new logistics arm, NMDCLTS, is set to acquire a 70% stake in Abu Dhabi-based oil and gas services firm Emdad for an undisclosed sum, according to an ADX disclosure (pdf). The agreement is pending regulatory approvals and endorsements from stakeholders within and outside the UAE.

About Emdad: The Abu Dhabi-based company provides oilfield services, including operations, maintenance, and well construction, as well as shipping and marine services, offering offshore and logistical support, vessel management, cross chartering, and offshore transportation.

Emdad’s clients: Emdad has long-standing relationships with major players in the industry, including Adnoc, Borouge, and Emirates Global Aluminum (EGA).

There’s been hints: NMDC has been looking to acquire a 70% stake in Emdad since July. The company submitted a binding offer of an undisclosed value after completing due diligence.

ICYMI- NMDC Group launched NMDC LTS this week with a focus on marine logistics and technical operations as part of the company’s strategy to diversify its portfolio.

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