UAE’s leading oil firm, Abu Dhabi National Oil Company’s (ADNOC), shipping and maritime logistics arm ADNOC Logistics & Services (ADNOC L&S) has acquired all UAE assets of the UK-based Speedy Hire, a provider of tools and equipment for the energy and industrial sectors.
According to the statement, ADNOC Logistics and Services will take ownership of Speedy’s equipment, stock, and other fixed assets from its Middle East business.
The deal also includes a four-month conversion service agreement to facilitate the transfer of assets. Further, 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’s asset base. The company did not disclose the value of the transaction.
“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.”
The purchase is part of the ADNOC subsidiary’s long-term fleet growth strategy. Within the last 12 months, the company has acquired 16 deep-sea vessels including six Very Large Crude Carriers (VLCCs), with a total capacity of 12 million barrels.