UAE’s ADNOC buys ZMI Holdings in offshore oil and wind push

UAE’s ADNOC buys ZMI Holdings in offshore oil and wind push

The United Arab Emirates’ main energy company has bought privately-owned ZMI Holdings as it looks to bolster its offshore oil, natural gas and wind businesses.

Abu Dhabi National Oil Co. will acquire all of ZMI, which is based in the UAE and also known as Zakher Marine International, according to a statement. Financial details of the transaction were not disclosed.

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ZMI said it will probably make record earnings before interest, tax, depreciation and amortization this year of more than $300 million, helped by a surge in oil and gas prices since Russia’s invasion of Ukraine. Companies in the sector are typically valued at anything between five and 15 times Ebitda.

ZMI will retain its brand and continue operating as a standalone entity, though it will come under ADNOC Logistics & Services, an arm that ADNOC is considering listing, Bloomberg reported in February.

Goldman Sachs Group Inc. advised ZMI and Moelis & Co. worked with ADNOC.

ZMI was established in 1984 and employs around 1,400 people in the UAE, Saudi Arabia, Qatar and China, where it won its first contract -- for an offshore wind project -- last year. The firm’s fleet of