Adnoc L&S acquires Abu Dhabi-based firm
DUBAI: Adnoc Logistics & Services, a subsidiary of Abu Dhabi National Oil Company, has signed an agreement to purchase Zakher Marine International, a maritime and offshore service provider based in Abu Dhabi, according to MEED.
ZMI expects the transaction to close in the last quarter of this year, subject to customary regulatory approvals.
This acquisition will allow Adnoc L&S to acquire over 60 vessels from ZMI as well as other assets.
With 16 deep-sea vessels acquired in the past 24 months, Adnoc L&S has added 16 million barrels of capacity to its crude tanker fleet, six product tankers, adding over 1 million tons to its product tanker fleet, and five Very Large Gas Carriers, MEED said.
ZMI has grown its jack-up fleet over the past years and is on track to deliver an earnings before interest, taxes, depreciation and amortization run rate of over 1.1 billion dirhams ($300 million) in 2022.
The company has long-term relationships with oil companies in the UAE, Saudi Arabia, and Qatar, MEED reported.
Dewa announces results of tenders for research labs
The Dubai Electricity & Water Authority has announced the results of its tender for the construction of research laboratories at the Mohammed bin Rashid Al-Maktoum Solar Park in Saih Al-Dahal, according to MEED.
Pepco Engineering, a UAE-based contractor, has submitted the lowest bid of 67.88 million dirhams.
When completed, the MBR solar park will have a production capacity of 5,000 megawatt, with investments valued at 49.9 billion dirhams.
At the park, 1,672MW of solar photovoltaic capacity is now operational, bringing the share of renewable energy capacity to 11.8 percent of the utility’s asset portfolio, MEED concluded.