Adnoc's maritime subsidiary acquires UK firm's Middle East assets

Speedy's 600 employees will be on-boarded by the Abu Dhabi firm at its Mussafah base

Abu Dhabi, UAE –14th May, 2017: The Abu Dhabi Gas Liquefaction Company (ADGAS), an Abu Dhabi National Oil Company (ADNOC) Group company, today celebrated the 40th anniversary of the UAE’s first LNG shipment from Das Island to Japan. Courtesy ADNOC *** Local Caption ***  bz15ma-b1-standalone.jpg

Abu Dhabi National Oil Company's shipping and maritime arm acquired all UAE-based assets of the UK's Speedy Hire, a provider of tools and equipment for the energy and industrial sectors.

Adnoc Logistics and Services will take ownership of Speedy's equipment, stock and other fixed assets from its Middle East business, it said in a statement. The company did not disclose the value of the transaction.

"Speedy has been an efficient and reliable equipment and manpower services specialist for several years, and their assets and skilled personnel in the region are valuable as we look to expand our offshore logistics operations," said Captain Abdulkareem Al Masabi, chief executive at Adnoc Logistics and Services.

The acquisition will help support its offshore logistics base at Abu Dhabi's industrial region of Mussafah, he added. Adnoc L&S provides logistics solutions to nine locations, including six artificial islands.

The transaction also involves a transitional services agreement for four months to facilitate the transfer of assets.

Speedy's 600 employees will be on-boarded by the Abu Dhabi firm at its Mussafah base.

More than 2,000 pieces of equipment, including cranes, forklifts, firetrucks and other high-value machinery used in onshore and offshore material handling services will be transferred to Adnoc L&S.

The acquisition forms part of the Adnoc subsidiary's ongoing fleet expansion plans. The company acquired 16 deep-sea vessels including six Very Large Crude Carriers with a total capacity of 12 million barrels over the last six months.

Plans are underway to significantly increase capacity in line with production increases at Adnoc, which plans to reach 5m bpd of output capacity by 2030.