In its first major contract win since listing, ADNOC Logistics and Services plc. has been awarded a $975-million engineering, procurement and construction (EPC) contract by the state oil company, ADNOC
The contract includes dredging, land reclamation and marine construction of an artificial island for the Lower Zakum offshore field, the shipping and integrated logistics company said in a statement on Thursday.
As part of ADNOC’s In-Country Value program, at least 75% of the total contract value will flow back into the UAE economy, it added.
ADNOC L&S listed on the Abu Dhabi Securities Exchange (ADX) on June 1 following an IPO that raised approximately $769 million.
(Writing by Brinda Darasha; editing by Seban Scaria)