Minister of Petroleum and Mineral Resources Karim Badawi emphasized the pivotal role that Petroleum Marine Services (PMS) plays in implementing the ministry’s strategy for the sector with its focus on increasing exploration and production activities, especially in deepwater areas.
This was achieved through cooperation with partners and providing integrated marine services in accordance with international standards.
In addition, PMS concentrates on leveraging Egypt’s strategic location to enhance regional collaboration and broaden Egypt’s current infrastructure. This was realized by exploring new avenues and collaborating with global corporations. It is an approach that aims to capitalize on the recent discoveries in the region, particularly considering the recent agreement with Cyprus to import Cypriot gas for either re-export or local market use.
Badawi commended the company’s efforts in combating the environmental impact of a November 2023 fuel spill of a cargo ship in El-Quseer city, south of the Red Sea, cooperating with the Ministry of Environment and local authorities.
The minister stressed expanding technical training programs with Egyptian universities to build a skilled workforce in addition to ensuring gender balance and HSE compliance across operations.
This came during the general assembly meeting of PMS to approve its fiscal year results for 2024, highlighting exceptional performance indicators that reflect the success of the company’s development and expansion strategies.
PMS’s total revenues surged to $262.7 million in 2024, driven by expanded marine services, operational efficiency gains, implementing the latest digital solutions, maximizing asset utilization, and cost optimization, as PMS CEO Amr Badawy, said during the meeting.
Amr Badawy explained that the company has successfully implemented a number of major production projects in the fields of construction and marine services, most notably the tenth phase of the development of the West Delta Deep Gas Field for Burullus Gas Company, making it the first company in Egypt and the Middle East to implement this type of deep-water project.
The company also implemented the October Offshore Field development project, the Shaab Ali South Field development project in the Ras El-Esh field, the North Safa Offshore Field development project for the Gulf of Suez Petroleum Company (GUPCO), the West Burullus Offshore Gas Field development project for Petroweb, the GG Field development project for the Egyptian General Petroleum Company, and the shoreline protection project for the 24-inch offshore gas pipeline in the Nidoco area for Petrobel, in addition to many other projects.
The year 2024 witnessed a significant expansion in the implementation of Inspection, Maintenance, and Repair (IMR) projects for marine facilities, which strengthened PMS’s position as a trusted strategic partner in this field, Amr Badawy added.
Regarding the company’s digital transformation, PMS implemented cutting-edge technologies in marine operations management and data transformation like 3D modeling, Digital Twin systems, and real-time vessel monitoring, enhancing operational efficiency.
As part of its expansion plan, PMS has developed its fleet to implement deep-water projects. This was successfully achieved during the implementation of the tenth phase of the West Delta Deep Gas Development Project.
Besides, PMS has completed all procedures for activating its branch in Saudi Arabia, in addition to seeking to open other new branches outside of Egypt, most notably in the UAE, thus strengthening its regional presence in the energy and maritime services markets.
As part of its commitment to social responsibility, the company implemented several initiatives and contributions during 2024 in support of the Ministry of Petroleum and Mineral Resources’ unified strategy in this field, reflecting its active role in achieving sustainable development at the economic and social levels.
These achievements reflect the company’s commitment to providing integrated and modern marine solutions that comply with international standards, said Amr Badawy, noting that continuing the development efforts through investment in modern technologies, modernizing marine infrastructure, developing the marine fleet, and developing the company’s headquarters ensures achieving sustainable development.
