The shipping arm of Abu Dhabi National Oil Company (ADNOC) has entered into a definitive agreement to acquire local offshore energy services outfit ZMI Holdings.
The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2022.
This “strategic combination” with ADNOC creates a platform for ZMI to accelerate its growth and expand its business footprint in the region and globally, allowing it to “capture new revenue opportunities and drive market consolidation”.
New revenue opportunities include offshore wind in APAC, where ZMI recently entered the offshore wind market in China.
ZMI has “significantly grown” its jack-up fleet in recent years and is on track to deliver a record EBITDA run rate of over $300m in 2022.
Hassan Abdelkader El Ali, Founder, Chairman and Board member of ZMI, said: “This strategic transaction supports our growth ambitions as we work with oil & gas clients as well as accelerating our business supporting the transition to net zero.
“Expanding our services will allow us to more effectively address our customers’ needs and challenges. We have plans in place to further diversify our portfolio of assets and clients, expanding in China and utilising ADNOC’s breadth and depth to rapidly scale-up in areas of high demand.”
Ali Hassan El Ali, Deputy Chairman of ZMI, added: “We will leverage ADNOC’s extensive global operations to move ahead with our market consolidation and fleet expansion plans, alongside pursuing value-added opportunities in the energy transition space and establishing relationships with operators in new markets.”