Adnoc Logistics & Services is buying Zakher Marine International (ZMI), an Abu Dhabi-based owner operator of offshore support vessels (OSVs).
The companies have not revealed the financial terms of the agreement. Once the deal has completed, Adnoc L&S will have another 24 jack-up barges and 38 OSVs. As such, its fleet size will pass the 300 vessel mark.
ZMI will continue as a standalone unit. The company’s executive chairman, Ali Hassan El Ali, will continue as CEO.
The Adnoc unit said the deal would provide “new revenue streams, market access and supports growth opportunities”.
ZMI is the largest owner and operator of jack-up barges in the Gulf Co-operation Council (GCC) region. It has operations in the United Arab Emirates, Saudi Arabia, Qatar and China.
In China, ZMI is working on an offshore wind project, which it began work on in 2021.
Adnoc L&S said the deal would broaden its offering to include support assets in the offshore. ZMI, meanwhile, will “benefit from access to new opportunities” linked to Adnoc’s growth plans. This, it said, would see it “grow and expand its existing business footprint”.
ZMI launched in 1984 in Abu Dhabi, it established a Saudi unit in 2016. Adnoc awarded ZMI a five-year diving contract in 2019.
In January this year ZMI secured a $500 million loan from a number of regional financiers. The company said this would help it invest in growth markets and allow it to consolidate its various debts.
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