Adnoc Drilling sets $700mln for new acquisitions
ANOC Drilling Company has allocated around $700 million for new acquisitions in 2025 within a strategy to expand locally and in foreign markets, its CEO has said.
The acquisitions would be carried out through Enersol, a joint venture created last year between ADNOC Drilling and Alpha Dhabi Holding, CEO Abdulrahman Abdulla Al Seiari told the UAE semi-official daily Alittihad on Friday.
He said Enersol has completed four acquisition operations worth nearly $800 million since it was created by the two UAE firms, including the purchase of 95 percent of the shares of the US Deep Well Services Company in March.
'Adnoc Drilling is working to expand the scope of its operations in Abu Dhabi and other regions…we have plans to expand in Kuwait and Oman by bidding for contracts there given the significance of these two markets,' he said.
Al-Seiari revealed the company is targeting to boost its revenues to nearly $5 billion in 2026.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
31 minutes ago
- Arabian Business
Al Seer Marine targets smaller LPG vessels market with new JV
Al Seer Marine, a subsidiary of IHC, has launched 'ASBI Shipping FZCO', a joint venture with B International Shipping & Logistics, an affiliate of top energy trader BGN. This new joint venture will own and operate mid-sized liquefied petroleum gas (LPG) and product tankers. It has already acquired two 22,000cbm semi-refrigerated LPG tankers (Alkaid and Alcor), which are backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN that trades 50+ million metric tonnes of commodities annually. Expanding LPG shipping ventures The deal guarantees AED660 million (US$180 million) in revenue through 2035. Abu Dhabi Commercial Bank (ADCB) provided AED210 million (US$57.2 million) in senior secured term financing with a seven-year tenor for the vessel purchase. The facility is secured against the vessels and their cashflows, reflecting confidence in ASBI's commercial viability. Guy Neivens, CEO of Al Seer Marine, commented: 'The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. Ensuring diversified and resilient access to critical commodities has become a strategic priority. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports. 'To address this opportunity, we established ASBI Shipping FZCO as a joint venture with B International Shipping & Logistics. This reflects our strategy to pursue platform-based growth – enabling us to scale efficiently, extend our reach into niche segments, and partner with financial and operational stakeholders to respond more effectively to shifting market conditions.' Mid-size vessels like Alkaid and Alcor are critical for servicing emerging hubs in Africa, South Asia, and Southeast Asia, where 30 per cent of LPG shipments now rely on sub-30,000cbm carriers. Featuring semi-refrigerated systems and high-standard safety features, Alkaid and Alcor are well suited to transport propane, butane, ammonia, and other petrochemical cargoes. Rüya Bayegan, CEO, BGN Group, added: 'Our charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure, and we anticipate further collaborations.' ASBI Shipping plans to expand its fleet to meet this growing demand for flexible mid-size carriers and Ozan Turgut, B International Shipping & Logistics Director, said: 'With 38+ vessels under management, we bring decades of gas carrier expertise to this JV. These vessels are tailored for fragmented markets, where demand for flexible tonnage has surged 10 per cent year-on-year in Southeast Asia alone. 'We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment.'
Zawya
39 minutes ago
- Zawya
ADIO, Metal Park to set up 4IR competence centre in Abu Dhabi
The Abu Dhabi Investment Office (ADIO), in partnership with Metal Park Investment Middle East, announced the establishment of a dedicated Industry 4.0 Competence Centre in Abu Dhabi. The advanced technology hub will play a central role in accelerating the digitalisation of the metal manufacturing sector, supporting the emirate's ambition to lead globally in next-generation industrial innovation. The Centre reflects a shared commitment to enabling manufacturers with Industry 4.0 technologies, empowering businesses to thrive in an increasingly digital and data-driven industrial landscape. The facility spans over 5 million sq ft within Metal Park's purpose-built industrial zone in Kezad, located approximately 8km from Khalifa Port. The centre is exclusively tailored to the needs of the metal manufacturing value chain, offering specialised infrastructure and digital environments to enable rapid prototyping, pilot testing and scale-up for Industry 4.0 applications. As a gateway to Abu Dhabi's dynamic industrial ecosystem, the Competence Centre will provide a robust platform for the development, testing and scaling of technologies such as robotics, the Industrial Internet of Things (IIoT), predictive maintenance, digital twins, AI-enhanced production optimisation and autonomous logistics, said the statement from ADIO. The Centre will also serve as a centre of excellence for capacity building, equipping the workforce with the skills required to operate in a digitally-enabled industrial future. The initiative aligns with the Abu Dhabi Industrial Strategy (ADIS), and the Centre is poised to play a critical role in contributing directly to the strategy's objective of doubling the manufacturing sector's GDP contribution to AED172 billion by 2031, it stated. Mohammad Al Kamali, Chief Industry & Trade Officer, ADIO, said: "Abu Dhabi is entering a new era of economic transformation where innovation, sustainability and advanced technology define our industrial future." "This partnership with Metal Park exemplifies how ADIO empowers the private sector to scale globally competitive operations from Abu Dhabi," he stated. Saleh Shahrestani, Chairman of Metal Park, said: "The Competence Centre will be a cornerstone of technological progress in the regional metal industry. Together with ADIO, we are creating an enabling environment for industrial players of all sizes to develop, validate and implement cutting-edge solutions that augment Abu Dhabi's role as a leading global hub for advanced manufacturing." Set for completion in Q4 2025, the Centre will support Abu Dhabi's transformation into a globally integrated, export-driven economy, offering investors direct access to strategic partnerships, world-class infrastructure and a progressive regulatory environment, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
39 minutes ago
- Zawya
Oman: Total investment in Al Buraimi Industrial City hits $711mln
Muscat: Al Buraimi Industrial City, affiliated with the Public Establishment for Industrial Estates (Madayn), successfully signed 16 investment contracts in 2024, with a total investment value of OMR7,970,000. These contracts involve establishing projects on areas exceeding 165,000 square metres across various sectors, including automotive oil manufacturing, paper and cardboard, food, water, and cosmetics. Said bin Abdullah Al Balushi, Director General of Al Buraimi Industrial City, stated that the industrial city has recorded an outstanding performance during 2024 as the cumulative investment volume has now exceeded OMR274 million. 'This is attributed to the constant efforts by Madayn to create a competitive and attractive business environment for investors, while emphasising on job creation, supporting small and medium enterprises, and promoting economic diversification and sustainable industrial growth in line with Oman Vision 2040." Al Balushi pointed out that the dualisation of Al Buraimi–Mahdah Road, currently being implemented by the relevant authorities in coordination with Madayn, represents a key project of strategic significance, serving as a main artery linking the Wilayat of Mahdah with Al Buraimi Governorate. The road will connect to both Phase 1 and Phase 2 of Al Buraimi Industrial City, providing major solutions for organising entrances and exits to each phase, ensuring smooth access between them, and ultimately serving investors by saving time and effort. He added that Al Buraimi Industrial City signed a cooperation agreement last week with Al Buraimi University College to enhance collaboration through knowledge exchange, events and activities, training of students and national cadres, and support for research and innovation projects. It is worth noting that Al Buraimi Industrial City spans 14,414,294 square metres, of which 4,247,099 square metres area is already developed. Strategically divided into two geographically distinct phases, the industrial city enjoys a prime location along the Sultanate of Oman's border with the United Arab Emirates. This unique positioning offers investors and companies seamless access to the GCC markets—particularly the UAE—enhancing the city's competitive advantage through efficient cross-border trade, streamlined logistics, and proximity to major highways that connect directly to key Omani ports such as Sohar Port. Al Buraimi Industrial City is home to a diverse range of sectors, including food industries, manufacturing, logistics and warehouse services, as well as chemical and plastics industries—making it a dynamic hub for industrial growth and regional connectivity. © Muscat Media Group Provided by SyndiGate Media Inc. (
