Adnoc Logistics and Services (Adnoc L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (Adnoc), has announced the acquisition of Zakher Marine International (ZMI), the Abu Dhabi-based owner and operator of offshore support vessels, with the world’s largest fleet of self-propelled jack-up barges.
Upon completion of the transaction, the company will add 24 jack-up barges and 38 offshore support vessels from ZMI, growing its total fleet size to over 300 units, a statement from ADNOC L&S said.
The acquisition will broaden Adnoc L&S's services to include critical support assets for offshore operations
ZMI has a broad and diversified customer base across the UAE, Saudi Arabia and Qatar, with long-term relationships with NOCs and IOCs.
Furthermore, the company recently entered the offshore wind farm market in China, providing geographic diversification and an entry point into the renewables market.
ZMI has significantly grown its jack-up fleet over the past years and is on track to deliver a record EBITDA run rate of over $300 million in 2022.
Meanwhile, ZMI will benefit from access to new opportunities provided as a result of Adnoc’s ambitious growth strategy, allowing it to grow and expand its existing business footprint.
Adnoc L&S said ZMI will continue operating as a standalone entity under it and will be led by Ali Hassan El Ali as CEO.