Abu Dhabi´s AD Ports Group has completed the acquisition of 10 offshore vessels in an investment of around $200 million, as the global offshore oil and gas market and offshore wind is forecasted to grow with healthy margins.
Abu Dhabi reports in a statement that this investment is made into a well-maintained diversified fleet with an average age of around 9 years, significantly less than the industry average.
The acquisitions, from international offshore supply vessel owner and operator E-NAV, include multipurpose supply vessels, platform supply vessels, diving support vessels, and accommodation workboats.
AD Ports Group considers this acquisition, which is expected to generate more than $70 million per annum in revenue in the next 3-5 years, as a strategic move that will bolster offshore operations in the Middle East and Southeast Asia.
The acquisition is also considered “attractive” taking into consideration the upcoming major offshore projects in the Middle East where there is a shortage of quality assets, as the group explains.
All ten vessels are expected to be delivered in the fourth quarter of 2023 with financial consolidation taking place from first quarter of 2024 onwards.
The Group’s strategy is to continue to balance its portfolio of maritime businesses with assets and services exposed to different market forces and cycles, thereby limiting its performance volatility, amidst forecasts of an upward trend in the offshore O&G market over the medium-long term.
Captain Mohamed Juma Al Shamisi, managing director and group chief executive, AD Ports Group, said: “I am pleased to announce this key investment, the expansion of our offshore fleet is a significant move in our strategic objective to fortify and enhance our Middle East and Southeast Asia footprint. We recognise the increasing demand in the energy sector, thereby, through bolstering our fleet, our Group is better positioned to demonstrate our role as a premier offshore service provider within these regions, whilst meeting the diverse and growing demands of our customers.”
