Connect with us

Hi, what are you looking for?

Business

ADNOC signs agreements worth 3.67 billion dirhams with 8 contractors

ADNOC

The Abu Dhabi National Oil Company (ADNOC) has signed agreements worth 3.67 billion dirhams with eight major contractors.

The company’s agreements come to implement engineering design services for major projects across various stages and fields of business to support the implementation of its 2030 integrated strategy for smart growth.

The companies contracted are AMIC Global, Fluor Corporation, McDermott, Mott McDonald, SNC Lavalin International, Technip Energies, Worley, and a joint venture between Tecnicas Reunidas and NPCC.

The terms of the agreements are up to five years with an option to extend for two years. They include the commitment of the eight companies to prepare and operate training programs to develop local expertise and enable the transfer of expertise and skills.

ADNOC is a state-owned oil company in the Emirate of Abu Dhabi, United Arab Emirates.

The company was established in November 1971 in order to operate in all fields of oil and gas and marketing.

It has expanded since then as it works in several associated fields such as maritime transport, chemical industries and petrochemicals.

The company is headquartered in Abu Dhabi, and it is supervised by the UAE Supreme Petroleum Council, which is chaired by the President of the UAE and Ruler of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahyan. The CEO of the company is Dr. Sultan Ahmed Al Jaber.

Subtraction success

In a separate context, ADNOC successfully executed, in September 2020, a private placement of 1.25 billion shares of ADNOC Distribution shares, at a value of 1 billion US dollars.

These shares were sold to investment institutions, increasing the free float to 20%. In May 2021, the company offered an additional 3% of ADNOC Distribution’s registered capital of $445 million, increasing the free float to 23%.

This process coincided with ADNOC’s offering of unsecured bonds (redeemable in shares) worth approximately $1.195 billion.

These bonds represent 7% of the registered capital of ADNOC Distribution and are due for payment in 2024. The bonds can be exchanged for shares in ADNOC Distribution under special conditions.

After the transaction, ADNOC maintains a strategic stake of at least 70% in ADNOC Distribution, which has a promising potential for growth.

The share offerings benefited from the shareholders’ high demand for the company’s shares, which is due to the attractive returns on its shares.

The offerings also led to the expansion of the company’s investor base and the achievement of greater liquidity for its shares on the Abu Dhabi Securities Exchange.

Finance

The Saudi trade balance surplus achieved its highest level since December 2018 last July. Official data stated that the trade balance surplus is at...

Finance

Kuwaitis’ spending on travel increased significantly in the first quarter of this year, reaching 66% on a quarterly basis. The increase in Kuwaiti spending...

Business

Consumer prices have doubled in Lebanon since the beginning of the year due to the rise in economic pressures, according to official data. Inflation...

Business

Italian energy services group Saipem and Saudi Aramco have agreed to establish an engineering company to carry out construction work in Saudi Arabia. Saipem...