ADNOC Logistics and Services has won a $975 million contract to build an artificial island in the Lower Zakum offshore field.
As part of ADNOC’s In-Country Value program, at least 75% of the total contract value for dredging, land reclamation and marine construction of an artificial island “G” for the Lower Zakum offshore field, is set to flow back into the UAE economy.
This is the first major award for ADNOC L&S after it listed on the Abu Dhabi Securities Exchange (ADX) on June 1, 2023, following the highest demand globally for an IPO this year.
Captain Abdulkareem Al Masabi , Chief Executive Officer of ADNOC L&S, said: “Capitalising on our project management expertise, end-to-end logistics solutions, and strategic partnerships, ADNOC L&S is primed to execute major offshore EPC contracts that support our customers’ ambitious growth plans and deliver value to our shareholders.”
“This contract award for the construction of artificial island ‘G’ exemplifies our strategy to tap into new growth areas, showcasing the expanding range of services we offer to our customers and the trust that ADNOC Offshore has placed in us as their partner of choice.”
The Award is part of Lower Zakum’s Long-Term Development Plan, aiming to safely and sustainably unlock greater value while helping to meet the increasing global energy demand.