ADNOC Logistics & Services Company announced the acquisition of all assets of Speedy Hire PLC (Speedy) in UAE in order to expand its handling service, a press release reported.
According to the terms of the acquisition, ADNOC will take ownership of Speedy’s equipment, stock, and other fixed assets related to its business in Middle East.
The transaction includes acquisition of more than 2,000 pieces of equipment involving cranes, forklifts, firetrucks and other high-value machinery used for offshore and onshore material handling services.
The process of acquisition will be implemented through Transitional Services Agreement with ADNOC L&S within four months.
It is worth noting that Speedy is a leading provider of tools and equipment hire for the oil & gas, construction, and industrial sectors in the UK.
On this occasion, Abdulkareem Al Masabi, CEO of ADNOC Logistics and Services said, “The expansion plan we are pursuing is in line with ADNOC Group’s 2030 growth strategy.”
“The assets we are acquiring will strengthen the integrated logistics services that we provide and deepen our offering within oil and gas logistics.” Al Masabi added.
As per the press statement issued accordingly, ADNOC L&S plans to expand its fleet and it has already acquired 16 deep-sea vessels including six very large crude carriers during the last 12 months, which will enlarge oil shipment capacity with 12 million barrels.
The company also expects to keep efforts of increasing its fleet capacity up in order to boost its oil and gas production.