ADNOC L&S adds 20 offshore assets in ’24 expansion

ADNOC Logistics & Services Plc (ADNOC L&S) reported a significant expansion of its Integrated Logistics segment in 2024, acquiring 20 offshore assets and securing contracts for 19 Jack-Up Barge (JUB) deployments.

The company added nine offshore support vessels (OSVs), including various supply vessels and a passenger ferry, alongside six flat-top cargo barges from Premier Marine Engineering, supporting Engineering, Procurement, and Construction (EPC) projects. It also acquired two accommodation barges, each housing 300 crew members.

These investments drove a 51 per cent year-on-year (YoY) revenue increase for the segment in the first nine months of 2024, reaching $1.67 billion (AED6.14 billion), boosted by higher asset utilisation, fleet expansion, and progress in key projects like Hail & Ghasha.

CEO Captain Abdulkareem Al Masabi highlighted the strategic investments’ role in driving regional and international growth, positioning ADNOC L&S for continued success in 2025. Jack-Up Barges remained among the top-performing assets.

Attribution: Emirates News Agency (WAM)

Subediting: M. S. Salama