Abu Dhabi National Oil Company (ADNOC) has awarded its maritime energy logistics unit, ADNOC Logistics & Services, a $975 million contract to build an artificial island called "G" in the Lower Zakum offshore field.
At least 75% of the total contract value will be reinvested in the UAE economy as part of ADNOC's in-country value (ICV) program. The company has also announced plans to offer engineering, procurement, and construction (EPC) services in the integrated logistics business to support ADNOC's upstream and downstream operations.
ADNOC L&S recently made its debut on the Abu Dhabi bourse after a successful initial public offering (IPO) that raised $769 million. The company is the largest shipping and integrated logistics company in the Middle East and targets an average annual growth in its earnings before interest, tax, depreciation, and amortization (EBITDA) in the low teens over the medium term.
