ADNOC L&S Expands Material Handling Services with Major Equipment Acquisition

- ADNOC L&S to acquire all equipment of Speedy Hire PLC in the UAE

- Acquisition adds more than 2,000 pieces of mechanical equipment used for material handling services

- Move consolidates ADNOC L&S’ position as the largest integrated logistics provider in the GCC and strengthens its Mussafah logistics base and offshore artificial islands offerings

- ADNOC L&S continues to expand in both shipping and offshore logistics sectors, following recent acquisition of 6 very large crude oil vessels

ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), today announced the acquisition of all of the UAE-based assets of Speedy Hire PLC (Speedy), the UK’s leading provider of tools and equipment hire for the oil & gas, construction, and industrial sectors. 

Under the terms of the acquisition, ADNOC L&S will take ownership of Speedy’s equipment, stock and other fixed assets relating to its Middle East business. The acquisition adds more than 2,000 pieces of equipment, including cranes, forklifts, firetrucks and other high-value machinery used for offshore and onshore material handling services, to ADNOC L&S’ asset base. 

The transaction includes a Transitional Services Agreement with ADNOC L&S for up to four months, to support the transfer of assets. During this time, Speedy’s UAE-based employees will be on-boarded by ADNOC L&S at its Mussafah offshore logistics base. Speedy currently has close to 600 employees within the UAE. 

Captain Abdulkareem Al Masabi, CEO, ADNOC Logistics and Services said, “The expansion plan we are pursuing is in line with ADNOC Group’s 2030 growth strategy. 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. We already have a sizeable offshore logistics base in Mussafah, the largest in the region, from which we provide offshore logistics solutions to nine locations, including six artificial islands. The assets we are acquiring will strengthen the integrated logistics services that we provide and deepen our offering within oil and gas logistics.”

ADNOC L&S already provides offshore material handling services to ADNOC Offshore, which covers nine offshore locations including six artificial islands and three natural islands within the UAE. Speedy is one of the leading material handling operators for the oil and gas sector in the Middle East since 2012. 

ADNOC L&S, which is currently the largest integrated maritime logistics and shipping company in the GCC, and owner and operator of the largest shipping fleet in the UAE, is also pursuing a major fleet expansion program. Within the last 12 months, it has acquired 16 deep-sea vessels, including six Very Large Crude Carriers (VLCC), adding 12 million barrels of crude cargo capacity. The company expects to continue expanding its fleet capacity in line with ADNOC’s commitment to increase its oil and gas output. 

The company currently provides integrated logistics solutions from its four bases in the UAE and the synergy between Speedy’s assets and ADNOC L&S’ logistics expertise is expected to result in greater efficiencies for the company’s global clientele and firmly positions it as a leader in integrated logistics for the oil and gas sector.

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit www.adnoc.ae

As the maritime logistics arm of ADNOC Group, ADNOC L&S supports the entire oil and gas supply chain in the UAE through three major business segments: shipping, integrated logistics and marine services. It provides safe, reliable and cost-efficient maritime and logistics solutions to ADNOC Group companies and more than 100 global customers.

Its shipping business owns the UAE’s largest diversified shipping fleet with 44 vessels (including LNG, gas, refined products and chemical tankers, bulk carriers, and container vessels). 
 
The Company’s integrated logistics team manages a fleet of 120 vessels (owned and chartered tonnage) including anchor handling tug vessels, platform supply vessels, safety standby vessels, landing craft and crew boats. ADNOC L&S operates logistics bases in Ruwais, Fujairah and Mussafah with Mussafah operating as the largest integrated logistics base in the region. The company’s marine passenger terminal transports 130,000 passengers every year from Mina Zayed Port. ADNOC L&S also operates the Borouge container terminal in Ruwais.

In marine services, ADNOC L&S offers end-to-end solutions in petroleum port operations, diving services, and oil spill response. The company owns and manages a marine services fleet of 46 vessels, including diving support, pilot boats, tugboats and maintenance vessels. It provides diving support services for the offshore industry and manages the largest oil spill response inventory in the UAE, distributed between four response bases across the UAE and offshore.