ADNOC Logistics & Services Successfully Closes Zakher Marine International Acquisition
Acquisition further strengthens ADNOC L&S’ leading position as region’s largest shipping and integrated logistics company, growing its total fleet to more than 300 vessels
First major acquisition by ADNOC L&S, as part of its strategic value creation and growth program, reinforcing its commitment to deliver growth and drive investment in the UAE
ADNOC L&S has added 24 jack-up barges and 38 offshore support vessels growing its fleet and significantly enhancing its offering to the oil and gas industry.
Abu Dhabi, UAE : ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), announced today the successful closing of its acquisition of Zakher Marine International (ZMI), an Abu Dhabi-based owner and operator of offshore support vessels, with the world’s largest fleet of self-propelled jack-up barges. Financial details of the transaction are not being disclosed.
The closing ceremony was held at ZMI’s Sentinel Barge in Abu Dhabi.
With the acquisition of ZMI, ADNOC L&S extends its regional footprint and creates new opportunities for expansion with an industry-recognized partner, broadening its services to include critical support assets for offshore operations, including ZMI’s maiden offshore renewables project in China.
Commenting on the transaction, Capt. Abdulkareem Al Masabi, CEO of ADNOC L&S said: “As part of our wider growth strategy, this acquisition allows ADNOC L&S to offer a broader range of services to our customers, unlocking new and attractive revenue opportunities, whist leveraging ZMI’s proven track record for operational excellence and commitment to health, safety and environment. The addition of these assets and expertise will open new markets for ADNOC L&S, both locally and internationally, broaden our industry-leading integrated services offering and consolidate our position as the region’s largest integrated logistics provider.”
The acquisition of ZMI is the latest example of ADNOC’s ongoing strategic value creation and growth program and underlines its commitment of investment in local partnerships, reinforcing the company’s continued role in creating value for Abu Dhabi and the UAE.
Ali El Ali, Chief Executive Officer of ZMI, said: “We are a UAE company, first and foremost, and have worked with ADNOC for decades to deliver In-Country Value. Together, we cover the entire offshore marine services value chain. This partnership will ultimately allow ZMI to strengthen its position as the global leader of the largest active fleet of offshore jack-up barges and support vessels.”
Following the completion of the transaction, ADNOC L&S has the most diversified fleet in the Middle East, operating over 300 vessels across its shipping, offshore logistics and marine services fleet. When combined with its 1.5 million square meters integrated logistics base in Mussafah and its comprehensive end-to-end logistics capabilities, ADNOC L&S is the region’s leading provider for integrated maritime logistics solutions. Over the past 24 months, ADNOC L&S has acquired 25 deep sea vessels, including eight Very Large Crude Carriers (VLCC), adding 16 million barrels of capacity, six product tankers, expanding the product tanker fleet capacity to over 1 million metric tons, five Very Large Gas Carriers (VLGC) for AW Shipping and six LNG carriers.
Established in Abu Dhabi in 1984, ZMI owns and operates 24 jack-up barges and 38 offshore support vessels. ZMI has one of the youngest fleets in the industry and employs over 1700 people across the United Arab Emirates, Saudi Arabia, Qatar and China.
ZMI will continue operating as a standalone entity under ADNOC L&S, led by Ali El Ali as CEO.