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Abu Dhabi’s AD Ports Group, owned by sovereign wealth fund ADQ, has announced a $200 million acquisition of 10 offshore vessels to strengthen its foundation in the ‘positively performing’ offshore oil and gas market.
The company said in a statement to Abu Dhabi Securities Exchange (ADX) that the acquisition will boost its Middle East and Southeast Asia operations and increase its offshore and subsea capacity by 20%.
The vessels are expected to be delivered by the end of 2023 with financial consolidation taking place from Q1 2024 onwards, the company said.
The acquisitions, from Mexico headquartered offshore vessel company E-NAV, include multipurpose supply vessels platform supply vessels diving support vessels and accommodation workboats.
The group said the acquisitions are ‘an attractive offering, particularly in relation to upcoming major offshore projects in the Middle East where there is a shortage of quality assets’ and will generate more than US$70 million per annum in the next 3-5 years.
The statement said the global offshore oil and gas market and offshore wind has been ‘performing positively’ and hinted at further acquisitions: “As an already well-established player catering to the offshore industry, AD Ports Group intends to strengthen its current foundation in this segment to take advantage of these positive developments, improve operating synergies, and better serve its customers.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
