An Egyptian state owned oil marine services company intends to open a subsidiary in the UAE as part of a regional expansion plan to boost its revenue.

Petroleum Marine Services Company (PMC), an affiliate of the Egyptian General Petroleum Corporation (EGPC), has already set up a subsidiary in Saudi Arabia and is now registered with Saudi Aramco, the world’s largest public oil company.

“We have completed procedures to register with Saudi Aramco after we opened a branch in the Kingdom,” PMC’s chairman Amr Badawi said.

“We are also planning to open a branch in the UAE to support our presence in the region…we expect this branch to be ready within two months,” Badawi said in comments published on the cabinet’s website.

Badawi said 2025 was another good year for PMC as it achieved revenues of around $261 million, including $132 million from services it offered.

The 2025 revenues were almost equivalent to those achieved in 2024 of around $262 million, according to the company.

It said in a report last year that the revenues were driven by expanded marine services, operational efficiency gains, implementing the latest digital solutions, maximising asset utilisation, and cost optimisation.

During a meeting of the PMC’s board on Monday, Badawi said the current phase presents promising opportunities for the company given the “intensified gas exploration activities in offshore blocks in the Mediterranean.”

“This year will witness the drilling of the largest number of offshore wells, requiring early preparation from the company to maximise the benefits of these opportunities,” he said.

“There is a need for the company to leverage its considerable capabilities and advanced marine fleet to build strategic partnerships and alliances with companies operating in exploration and production activities,” he added.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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