UAE Business: Adnoc Logistics & Services to acquire ZMI – Gulf Digital News

UAE Business: Adnoc Logistics & Services to acquire ZMI – Gulf Digital News

ZMI Holdings has announced that Adnoc Logistics & Services, the shipping and maritime logistics arm of Adnoc Group, has entered into definitive agreement to acquire ZMI.

The transaction is subject to customary regulatory approvals and is expected to close in Q4 2022. ZMI owns and operates the world’s largest active fleet of offshore jack-up barges, complemented by a large fleet of offshore support vessels.

This strategic combination with Adnoc L&S creates a unique 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, said a statement.

Adnoc L&S will benefit from ZMI’s extensive capabilities, its experience established over nearly four decades, its fit-for-purpose fleet of over 60 vessels, as well as its operational excellence and impeccable HSE record. ZMI has a broad and diversified customer base across the UAE, Saudi Arabia and Qatar, with long-term relationships with NOCs and IOCs. Furthermore, the company recently entered the Offshore Wind Farm (OWF) market in China, providing geographic diversification and an entry point into the renewables market. ZMI has significantly grown its jack-up fleet over the past years and is on track to deliver a record EBITDA run