Adnoc Logistics and Services has taken delivery of eight self-propelled jack-up barges through its subsidiary Zakher Marine International Holdings as the company expands it offshore services.
The company received two new-build and four used jack-up barges, along with two chartered rigs, Adnoc L&S said in a filing to the Abu Dhabi Securities Exchanges, where its shares are traded.
One of the barges will serve Iraq, marking the company’s entry into a new market and supporting its regional expansion, it said.
Adnoc L&S, which provides logistics and maritime solutions, now owns 39 jack-up barges and said the expansion of its fleet comes at a time when charter rates for jack-up barges are “robust” due to high demand for offshore services.
“The addition of these self-propelled jack-up barges to our growing integrated logistics and shipping fleet aligns with our ambitious smart growth strategy, enabling us to provide a broader range of services to our customers,” said Adnoc L&S chief executive Capt Abdulkareem Al Masabi.
“Adnoc L&S is committed to exploring new opportunities for expansion to continue driving value for our shareholders and strengthen our position as the region’s largest integrated logistics provider.”
Adnoc L&S bought ZMI, an Abu Dhabi company that owns and operates offshore support vessels, in July last year.
Before the acquisition, ZMI, which is currently operating as an independent entity under Adnoc L&S, was the world’s largest owner and operator of self-propelled jack-up barges, with operations in the UAE, Saudi Arabia, Qatar and China.
“Our extensive fleet of jack-up barges and offshore support vessels enables us to offer best-in-class maritime logistics services to the offshore production and wind sectors,” said ZMI Holdings chief executive Ali El Ali.
“We are strategically positioned to further expand our operations across Asia and explore new markets.”
Adnoc L&S made its debut on the Abu Dhabi bourse in June this year.
Parent company Adnoc raised about Dh2.83 billion ($769 million) from the sale of a 19 per cent stake in its maritime logistics unit.
The initial public offering was 163 times oversubscribed and drew more than $125 billion in bids.
Adnoc owns a majority stake of 81 per cent in the company.
Adnoc L&S reported a more than twofold jump in its second-quarter profit on the back of higher revenue.
Net profit for the three months to the end of June climbed to $162 million. Revenue during the period surged 43 per cent to $632 million.
The company has been rapidly expanding its operations.
In April, Adnoc L&S added five new-build very large gas carriers to its fleet to meet the growing global demand for gas.
In March, the company unveiled its global Integrated Logistics Services Platform and signed a $2.6 billion contract with Adnoc Offshore to provide logistics services.
The ILSP is among the largest turnkey offshore offerings in the world that will enable Adnoc L&S to co-ordinate end-to-end management of logistics and maritime operations from its Mussaffah base in Abu Dhabi.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Attacks on Egypt’s long rooted Copts
Egypt’s Copts belong to one of the world’s oldest Christian communities, with Mark the Evangelist credited with founding their church around 300 AD. Orthodox Christians account for the overwhelming majority of Christians in Egypt, with the rest mainly made up of Greek Orthodox, Catholics and Anglicans.
The community accounts for some 10 per cent of Egypt’s 100 million people, with the largest concentrations of Christians found in Cairo, Alexandria and the provinces of Minya and Assiut south of Cairo.
Egypt’s Christians have had a somewhat turbulent history in the Muslim majority Arab nation, with the community occasionally suffering outright persecution but generally living in peace with their Muslim compatriots. But radical Muslims who have first emerged in the 1970s have whipped up anti-Christian sentiments, something that has, in turn, led to an upsurge in attacks against their places of worship, church-linked facilities as well as their businesses and homes.
More recently, ISIS has vowed to go after the Christians, claiming responsibility for a series of attacks against churches packed with worshippers starting December 2016.
The discrimination many Christians complain about and the shift towards religious conservatism by many Egyptian Muslims over the last 50 years have forced hundreds of thousands of Christians to migrate, starting new lives in growing communities in places as far afield as Australia, Canada and the United States.
Here is a look at major attacks against Egypt's Coptic Christians in recent years:
November 2: Masked gunmen riding pickup trucks opened fire on three buses carrying pilgrims to the remote desert monastery of St. Samuel the Confessor south of Cairo, killing 7 and wounding about 20. IS claimed responsibility for the attack.
May 26, 2017: Masked militants riding in three all-terrain cars open fire on a bus carrying pilgrims on their way to the Monastery of St. Samuel the Confessor, killing 29 and wounding 22. ISIS claimed responsibility for the attack.
April 2017: Twin attacks by suicide bombers hit churches in the coastal city of Alexandria and the Nile Delta city of Tanta. At least 43 people are killed and scores of worshippers injured in the Palm Sunday attack, which narrowly missed a ceremony presided over by Pope Tawadros II, spiritual leader of Egypt Orthodox Copts, in Alexandria's St. Mark's Cathedral. ISIS claimed responsibility for the attacks.
February 2017: Hundreds of Egyptian Christians flee their homes in the northern part of the Sinai Peninsula, fearing attacks by ISIS. The group's North Sinai affiliate had killed at least seven Coptic Christians in the restive peninsula in less than a month.
December 2016: A bombing at a chapel adjacent to Egypt's main Coptic Christian cathedral in Cairo kills 30 people and wounds dozens during Sunday Mass in one of the deadliest attacks carried out against the religious minority in recent memory. ISIS claimed responsibility.
July 2016: Pope Tawadros II says that since 2013 there were 37 sectarian attacks on Christians in Egypt, nearly one incident a month. A Muslim mob stabs to death a 27-year-old Coptic Christian man, Fam Khalaf, in the central city of Minya over a personal feud.
May 2016: A Muslim mob ransacks and torches seven Christian homes in Minya after rumours spread that a Christian man had an affair with a Muslim woman. The elderly mother of the Christian man was stripped naked and dragged through a street by the mob.
New Year's Eve 2011: A bomb explodes in a Coptic Christian church in Alexandria as worshippers leave after a midnight mass, killing more than 20 people.
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