Abu Dhabi-based port developer AD Ports Group has announced the acquisition of ten offshore vessels, to be used in operations across Asia and boost the group’s revenue.
The $200m investment will generate $70m in revenue per year over the next three to five years, the UAE firm said.
According to AD Ports Group, the average age of the fleet is nine years old, a much more modern fleet compared to the industry average of 22 years.
The new fleet is set to be delivered by Q4 2023, with the financial settlement commencing in the first quarter of 2024.
AD Ports Group managing director and group CEO Mohamed Juma Al Shamisi emphasised the mark this deal will make across Asia.
Al Shamisi said: “I am pleased to announce this key investment. The expansion of our offshore fleet is a significant move in our strategic objective to fortify and enhance our Middle East and Southeast Asia footprint.
“We recognise the increasing demand in the energy sector; thereby, through bolstering our fleet, our group is better positioned to demonstrate our role as a premier offshore service provider within these regions whilst meeting the diverse and growing demands of our customers.”
The deal includes a variety of vessels that can be used to tackle offshore projects and vessel shortages across the Middle East. This includes Multipurpose Supply Vessels (MPSVs), Platform Supply Vessels (PSVs), Diving Support Vessels (DSVs) and Accommodation Workboats (AWBs).
Alongside the acquisition, the port group intends to assume well-established contracts with blue-chip clients in the oil and gas industry.
This includes national and international oil companies across Southeast Asia and the Middle East, with an expectation of utilising around 95% of the current contracts for the foreseeable future.