ADNOC Logistics and Services (ADNOC L&S) has received the delivery of eight jack-up barges (JUBs) through its subsidiary Zakher Marine International (ZMI) Holdings, boosting its barge fleet strength by 25%.
The new JUBs include two newly-built and four second-hand ones, in addition to the chartering of two newly-built JUBs, a bourse filing to Abu Dhabi Exchange (ADX) showed Monday.
This takes the number of JUBs owned and operated by ADNOC L&S to 39 from 31, reinforcing the firm's status as the owner and operator of one of the largest fleets of JUBs in the Gulf region.
One of the barges will serve the Iraqi market, marking ADNOC L&S’ foray into a new market and boosting the company’s regional expansion.
The barges are designed to offer various services, such as operations, maintenance, and accommodation at offshore fields. The new JUBs will unlock fresh value for ADNOC L&S as it looks for new markets to grow its geographical footprint.
Higher demand for JUBs is backed by increased offshore energy output, especially in shallow water fields and the offshore wind sector.
Earlier in April, ADNOC L&S unveiled the deployment of five newly-build Very Large Gas Carriers (VLGC) from China.
ADNOC L&S has reported $307 million in its first-half net profit, registering a four-fold increase compared to the $72 million posted in the year-ago period. The better net profit was boosted by its acquisition of Zakher Marine International, expansion of Integrated Logistics offerings, and healthy charter rates for tankers and gas carriers.
The company said its shipping segment reported a 9% year-on-year increase in revenues to $408 million for the first half, primarily driven by higher charter rates and increased vessel days for tanker and gas carriers.
ADNOC L&S delivers energy products to more than 100 customers in over 50 countries through its three business units; integrated logistics, shipping, and marine services.
ZMI Holdings, established in 1984, owns and operates JUBs and offshore support vessels. It was acquired by ADNOC Logistics & Services in 2022.
