UAE's ADNOC L&S to buy Zakher Marine International

27 Jul 22 1 min read

ADNOC Logistics and Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), has agreed to a deal to acquire Zakher Marine International (ZMI), an Abu Dhabi-based owner and operator of offshore support vessels. The acquisition of ZMI will enable ADNOC L&S to expand its services to incorporate crucial support assets for offshore operations, which also involves ZMI’s first offshore renewables project in China.

The deal will also allow ADNOC L&S to expand its regional footprint, generating new opportunities for growth with an industry-recognised partner. After the transaction is completed, which is condition to customary regulatory approvals, ADNOC L&S will take 24 jack-up barges and 38 offshore support vessels from ZMI, expanding its total fleet strength to over 300 units.

ZMI also stands to benefit from access to new prospects available because of ADNOC’s ambitious growth plans, which will enable it to develop and expand its business reach.

Advertisement

ZMI will retain its position as a standalone entity operating under ADNOC L&S, headed by Ali Hassan El Ali as the CEO.

ADNOC L&S has not disclosed the financial details of the acquisition.

Fibre2Fashion News Desk (NB)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.

Latest News

Category Tags

TextileApparel Fashion RetailE-commerce TechnologySustainability View More

Popular News

Textiles
Textile sector faces economic strain as Middle East conflict escalates
Textiles
NCTO outlines steps for US to reverse fall in textile manufacturing
Apparel
Kenya’s big apparel export goals
Retail
Small spaces dominate US retail leases in Q1 2024: JLL report
Textiles
US’ small business optimism index rises in April 2024: NFIB
Apparel
3 RCEP members among top 10 markets for Cambodian garments