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ADNOC Announces $1.17 Billion Contract for Jack-up Barges to Support Production Capacity Growth

Petrochemical industry | 12 Aug 2022 IST | Polymerupdate.com


Abu Dhabi National Oil Company (ADNOC) announced a $1.17 billion (AED4.3 billion) contract for the hire of 13 self-propelled jack-up barges to drive offshore operational efficiencies and support the expansion of its crude oil production capacity to five million barrels per day (mmbpd) by 2030.

The five-year contract was awarded by ADNOC Offshore to ADNOC Logistics & Services (ADNOC L&S) and underpins the world-class capabilities within ADNOC’s group companies. Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program, supporting local economic growth and diversification.

The 13 self-propelled jack-up barges are multi-purpose assets that enable rig-less operations and maintenance with single point responsibility provided by ADNOC L&S, enabling enhanced efficiencies. The barges, which will be deployed across ADNOC’s offshore fields, are equipped to support a wide scope of operations, including project work, maintainance and accommodation.

Ahmad Saqer Al Suwaidi, ADNOC Offshore CEO, said: “This significant award to ADNOC Logistics & Services will help deliver our production capacity expansion in the offshore and directly support ADNOC’s strategic growth objective of 5 million barrels of daily oil production capacity by 2030. ADNOC L&S have a proven track record in the industry and their best-in-class expertise, together with the ready availability of these self-propelled jack-up barges, will help us drive efficiencies and flexibility while cementing ADNOC’s position as a leading low cost and low carbon energy producer. Critically, the award enables very high ICV, which can stimulate new business opportunities to support the growth and diversification of UAE’s economy in line with the directives of our wise Leadership.”

Speaking on the contract, Captain Abdulkareem Al Masabi, ADNOC Logistics & Services CEO, said: “We are extremely proud to continue the decades-long relationship between ADNOC Offshore and ADNOC Logistics & Services. We are committed to continuing to seize growth opportunities and deliver more value to ADNOC and this announcement is another milestone in that journey. These vessels represent an important opportunity for growth and diversification for ADNOC L&S and will be a critical enabler of ADNOC Offshore’s growth.”

The self-propelled jack-up barges will be hired along with manpower and equipment. The barges will be utilized for rig-less well intervention and pre- and post-drilling operations, as well as for topside maintenance and integrity restoration activities at our offshore assets.

Instead of these services being provided through several discrete, operationally specific contracts, all requirements have been unified in line with ADNOC’s smart approach of centralizing procurement and operational logistics management. This provides ADNOC Offshore and its strategic partners with operational flexibility while enabling cost efficiencies and single point responsibility by ADNOC L&S.

The award underpins the continued investment and development at ADNOC Offshore and ensures the responsible acceleration of growth and greater value for the UAE, ADNOC and its strategic partners.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.

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