Abu Dhabi's NMDC LTS to buy 70% in energy services firm Emdad
NMDC LTS confirms interest in Emdad, whose clients include ADNOC, EGA
Dubai: The Abu Dhabi headquartered NMDC LTS is set to buy 70% stake in Emdad LLC, the energy solutions firm.
Formerly known as Al Bawardi, Emdad was formed in 1979 and has ‘demonstrated strong revenue growth and a robust balance-sheet’, according to a statement by NMDC Group.
“Its diversified revenue streams span upstream well services and downstream maintenance, cementing its strong market position,” the statement added.
Emdad clients include the likes of ADNOC, Borouge, and Emirates Global Aluminum (EGA).
NMDC has been through the M&A route in the recent past, most notably through the buying out of NPCC (National Petroleum Construction Co.) in 2021. And more recently, there was the IPO of NMDC Energy.
"We are excited about the future of NMDC Group and the positive impact this acquisition will have on our business and enabling us to capture new opportunities and deliver superior value to our stakeholders," said a statement from NMDC.
Expand into oilfield services
"This strategic acquisition will enable NMDC Group to expand into oilfield services, further diversifying its portfolio and strengthening its competitive advantage & will allows NMDC to provide a broader range of services, including operations and maintenance, complementing its existing expertise in engineering, procurement, construction, and installation (EPCI)."