Abu Dhabi-listed National Marine Dredging Company (NMDC) has bagged three major contracts from the Abu Dhabi National Oil Company (ADNOC), and its subsidiaries year-to-date, according to a company press release.

NMDC listed key contracts under implementation and awarded in the nine months ending 30 September 2023 in its results statement for the period. 

•    Engineering, Procurement and Construction contract for ADNOC Gas' sales gas pipeline network program (Estidama) involving the construction of gas pipeline and associated facilities to allow for transporting sales gas from Habshan to customers in the Northern Emirates. The project is being completed in cooperation with CAT International - Abu Dhabi.

•    Contract by ADNOC to NMDC Group's NPCC for the Hail and Ghasha development project, which would be implemented in cooperation with Italian energy services company Saipem. NMDC holds a 50 percent share in the contract.

•    NPCC was awarded an LOA from ADNOC Gas for the Maximising Ethane Recovery and Monetisation (MERAM) project in partnership with Tecnicas Reunidas. NMDC holds a 50 percent share in this contract.

The statement said NPCC is implementing a project for ADNOC to install seven jackets while NPCC is carrying out a project for ADNOC Offshore to replace 125 kilometres of the 20" main oil line (MOL) from the Umm Lulu platform to Zirku Island.

NMDC announced that it achieved record growth rates in net profits, reaching 1.513 billion UAE dirhams ($412 million) for the first nine months of 2023 compared to AED703 million ($191 million) in the same period of 2022. The company’s revenues for the first nine months stood at AED11.039 billion ($3 billion), compared to AED6.072 billion ($1.7 billion) in the same period of 2022.

(Editing by Anoop Menon)

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