Abu Dhabi Ports Company PJSC announced the purchase of 10 offshore vessels, that will bolster offshore operations in the Middle East and Southeast Asia. The investment is around USD 200 million, into a well-maintained, diversified fleet with an average age of around 9 years, significantly less than the industry average. All 10 vessels are expected to be delivered in Fourth Quarter 2023 with financial consolidation taking place from First Quarter 2024 onwards.

The acquisitions, from international Offshore Supply Vessel owner and operator E-NAV, encompass a variety of offshore vessel types, including Multipurpose Supply Vessels (MPSVs), Platform Supply Vessels (PSVs), Diving Support Vessels (DSVs) and Accommodation Workboats (AWB's), representing an attractive offering, particularly in relation to upcoming major offshore projects in the Middle East where there is a shortage of quality assets. The Group's clients in the energy sector can expect to benefit from the enhanced capabilities, capacity and increased geographic footprint in the offshore segment that the investment will bring. The transaction also supports AD Ports Group's strategy to continue to balance its portfolio of Maritime businesses with assets and services exposed to different market forces and cycles, thereby limiting its performance volatility, amidst forecasts of an upward trend in the offshore O&G market over the medium-long term.