Minister of Petroleum and Mineral Resources, Tarek El Molla has attended the general assembly of Petroleum Marine Services Company (PMS) which reviewed the company’s results for the year 2023.

During the meeting, El Molla praised the company’s accomplishments and the amount of work done in addition to its strategic goals. He also hailed the company’s capabilities to cope with the rapid market changes and achieve sustainability.

El Molla affirmed the Ministry’s full support to the company for strengthening its role in implementing maritime projects for the oil and gas sector to increase production.

He also stressed the importance of promoting policies aimed at enhancing assets and modernizing the company’s maritime fleet with full commitment to international standards of quality, safety, and sustainability, as main work priorities.

During the meeting CEO of PMS, Amr Badawy reviewed the company’s main activities during 2023, referring to the record profits, the unprecedented rise of the total revenues, and the operating profits. He noted that the total works enforced during the year reached $270 million with a 28% increase compared to the previous year.

From the many projects carried out by the company, Badawy referred to the development of the North Safa oil field for the Gulf of Suez Petroleum Company (GUPCO), the Petrico field of the Belayim Petroleum (Petrobel), the Kamous offshore field for the North Sinai Petroleum Company.

Badawy also noted the project of stabilizing the floating dock at the Port Said Marine Shipyard for the Canal Ports Company and some major affiliated projects for the Suez Canal Authority as well as the project of linking the wells of the northern Gissum station to the Gulf of Suez for PetroGulf Egypt.

The company also achieved growth in the volume of new business by adding new activities to the company, such as the laying of submarine cables, deep water projects, and marine wharf works, the projects that enhanced the competitiveness and market share of the company. This was evident in the volume of new business conducted by the company during the year at an estimated value of $400 million, the most important of which is the West El Burullus offshore field development project for West Burullus Petroleum Company, the October offshore field development project for GUPCO, the West Delta Deep Marine (WDDM) project, phase 10, for Burullus Gas Company as the first project in deep water, and many other projects.

Badawy pointed out the company’s future strategies aimed at ensuring sustainable growth and enhancing its flexibility in dealing with market variables and new activities and markets. This includes expanding the application of modern technology and digital transformation.

The company also aims to add marine units with distinct capabilities that will enable it to carry out cable laying operations outside the country, supporting deep-water drilling services, and developing its offshore units to carry out installation work in deep waters.

Furthermore, the company seeks to open new markets for its works in Saudi Arabia, the United Arab Emirates, Libya, and southern Europe.

He added that in the field of community service projects, the company had many contributions during the year 2023, aligning with the Ministry of Petroleum and Mineral Resources strategy for social responsibility.