Abu Dhabi’s NMDC awarded projects worth $763m by Saudi Aramco
Abu Dhabi’s NMDC Energy has been awarded new projects worth Dh2.8 billion ($763 million) by Saudi Aramco to complete offshore engineering, procurement and construction-related works. Completion of the projects is expected to take between 18 and 23 months, NMDC Energy said in a statement on Friday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded. It did not provide further…
Abu Dhabi's NMDC Energy secured new contracts worth $763 million from Saudi Aramco for offshore engineering, procurement and construction-related projects. These deals, announced on Friday, are expected to conclude within an 18 to 23 month timeframe. The company's statement to the Abu Dhabi Securities Exchange, where its shares are listed, revealed that the new contracts bring its total project value in the second quarter of the year to Dh2.2 billion.
NMDC Energy, a majority-owned subsidiary of NMDC Group, offers comprehensive services such as engineering, procurement, pipe laying, project management, fabrication, installation and commissioning. The company's project backlog stands at Dh3.3 billion as of the end of June. NMDC Energy, which raised Dh3.22 billion from an initial public offering in 2024, reported a net profit of Dh251 million for the first half of the year, with revenue reaching Dh9.5 billion.
The company's chief executive, Ahmed Al Dhaheri, had previously expressed intentions to enhance collaboration with Chinese firms and pursue opportunities in Iraq, North Africa, and Nigeria as part of its global expansion strategy. He mentioned that NMDC Energy was seeking contracts for both offshore and onshore segments of the energy sector in Iraq, primarily focusing on offshore projects in Nigeria.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
