ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), announced the successful closing of its acquisition of Zakher Marine International (ZMI).
ZMI is 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.
At ZMI’s Sentinel Barge in Abu Dhabi, the final ceremony took place.
With the acquisition of ZMI, ADNOC L&S broadens its services to encompass crucial support assets for offshore operations, including ZMI’s first offshore renewables project in China, and opens new potential for expansion with an industry-recognized partner.
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 purchase of ZMI is the most recent instance of ADNOC’s ongoing strategic value creation and growth program. It highlights the company’s dedication to investing in local partnerships and reaffirms its ongoing commitment to playing a valuable role in the value creation of 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.”
ZMI is an Abu Dhabi-based company that owns and manages 24 jack-up barges and 38 offshore support vessels. ZMI employs over 1700 people in the United Arab Emirates, Saudi Arabia, Qatar, and China and has one of the youngest fleets in the sector.
Ali El Ali will continue to serve as the CEO of ZMI, which will continue to function independently under ADNOC L&S.