ABU DHABI, ADNOC Logistics & Services (ADNOC L&S) has announced significant growth in its Integrated Logistics business segment in 2024, including the acquisition of 20 offshore assets and securing hire contracts for 19 Jack-Up Barge (JUB) deployments.
As part of its expansion strategy, ADNOC L&S added nine offshore support vessels (OSVs) to its fleet, which includes passenger ferries, crew boats, anchor handling tug supply vessels, platform supply vessels, and multipurpose supply vessels. In addition, the company acquired six new flat-top cargo barges from Premier Marine Engineering in Dubai to support Engineering, Procurement, and Construction (EPC) projects.
The company also invested in two accommodation barges, each capable of housing 300 crew members at offshore production sites.
These strategic investments have significantly contributed to the growth of ADNOC L&S’s Integrated Logistics segment, with revenues for the first nine months of 2024 rising by 51% year-on-year to $1.67 billion (AED 6.14 billion). This growth was driven by better utilization of JUBs, an expanded fleet, increased transport volumes, faster delivery of the Hail & Ghasha project, and progress on various EPC projects.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, commented, “Our strategic investments and fleet expansion are driving substantial regional and international growth in Integrated Logistics, our largest revenue-generating segment. ADNOC L&S is well-positioned to build on this solid performance in 2025, meeting evolving customer needs and capitalizing on new market opportunities, while delivering sustainable growth and long-term value to our shareholders.”
In 2024, Jack-up barges were among the top-performing assets in the Integrated Logistics segment. ADNOC L&S, through its subsidiary ZMI Holdings, secured contracts for the deployment of 10 JUBs, with a six-month extension option, to support EPC contracts in the UAE and Saudi Arabia. Additionally, the company secured a five-year contract for deploying a JUB in Qatar, with a two-year extension option.
The company also secured three-year contracts for the deployment of eight JUBs to support operations in the Upper and Lower Zakum fields in the UAE, with a two-year extension option. These contracts are expected to generate revenues between $500 million and $600 million (AED 1.8 billion to AED 2.2 billion), with extension options potentially adding another $300 million to $350 million (AED 1.1 billion to AED 1.3 billion).
To further enhance its offerings in the UAE and Saudi Arabia, ADNOC L&S acquired three additional shallow-water JUBs in 2024. The company continues to expand its international presence, operating JUBs in the United States and the North Sea, and is exploring further growth opportunities in these regions.
Integrated Logistics remains ADNOC L&S’s largest segment, encompassing Offshore Contracting, Offshore Services, and Offshore Project activities. Since its IPO in June 2023, the segment has experienced substantial growth through the expansion and internationalization of services to the energy sector.
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