NMDC unveils project deal, investment with ADNOC L&S

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National Petroleum Construction Company, a wholly-owned unit of National Marine Dredging Company (NMDC), was awarded a $162.31 million contract by Abu Dhabi National Oil Company (ADNOC).

The deal covers the engineering, procurement, and construction (EPC) works for installing seven jackets, according to a bourse filing.

On a separate note, a total of 109.62 million shares were allocated to NMDC for being a cornerstone investor in ADNOC Logistics & Services (ADNOC L&S). This aligns with the NMDC’s objectives and long-term strategy to diversify its business and investments.

In the first quarter (Q1) of 2023, NMDC achieved net profits attributable to the shareholders worth AED 302.93 million, higher by 366% than AED 65.38 million in Q1-22

Meanwhile, ADNOC L&S recorded an annual hike in net profit after tax to $144.92 million during the January-March 2023 period, compared to $16.23 million.