ADNOC awards $1.17bn contract for jack-up barges

RIYADH: The Abu Dhabi National Oil Co. has signed a contract worth 4.3 billion dirhams ($1.17 billion) to hire 13 self-propelled jack-up barges. 

The move aims to boost the company’s offshore operational efficiencies and support the expansion of its crude oil production capacity to 5 million barrels per day by 2030, Trade Arabia reported. 

The five-year contract was awarded by ADNOC Offshore to ADNOC Logistics and Services and underpins the world-class capabilities within ADNOC group’s companies, it said.

Meanwhile, more than 80 percent of the award value will go back to the UAE economy under ADNOC’s successful in-country value program, which seeks to support local economic growth and diversification.

“This significant award to ADNOC Logistics and Services will help deliver our production capacity expansion and directly support ADNOC’s strategic growth objective of 5 million bpd oil production capacity by 2030,” said ADNOC Offshore CEO Ahmad Al-Suwaidi. 

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