Adnoc L&S acquires UAE-based assets of the UK’s Speedy Hire

Adnoc L&S acquires UAE-based assets of the UK’s Speedy Hire

The acquisition adds more than 2, 000 pieces of equipment to Adnoc L&S' asset base. Adnoc Logistics & Services (Adnoc L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (Adnoc), on Monday announced the acquisition of all of the UAE-based assets of Speedy Hire, the UK's provider of tools and equipment hire for the oil & gas, construction, and industrial sectors. Under the terms of the acquisition, Adnoc L&S will take ownership of Speedy's equipment, stock and other fixed assets relating to its Middle East business, the company said on Monday. The acquisition adds more than 2, 000 pieces of equipment, including cranes, forklifts, firetrucks and other high-value machinery used for offshore and onshore material handling services, to Adnoc L&S' asset base. The transaction includes a Transitional Services Agreement with Adnoc L&S for up to four months, to support the transfer of assets. During this time, Speedy's UAE-based employees will be on-boarded by Adnoc L&S at its Mussafah offshore logistics base. Speedy currently has close to 600 employees within the UAE. Captain Abdulkareem Al Masabi, CEO of Adnoc Logistics and Services, said, "The expansion plan we are pursuing is in line with Adnoc Group's 2030 growth