Esnaad to buy 21 ships

Esnaad, an Adnoc group company formed early this year through a merger, will invest $200 million in acquiring new assets, including 21 marine vessels as part of a fleet replacement exercise, said company officials.

The company is also entering new waters by expanding operations to Qatar and Iraq.

"An investment of approximately $200 million will be made to purchase new marine vessels to replace some existing vessels like tugs, crew transport craft, supply boats, firefighting boats.....we are looking at acquiring 21 new vessels," Darwish Al Qubaisi, general manager, told Gulf News.

"The company will purchase or construct the vessels by outsourcing construction locally or overseas," he added.

Esnaad was created through the merger of Abu Dhabi Drilling, Chemicals and Products Co (Addcap) with National Marine Services in accordance with Emiri decree No. 2/2003 and is now a 100 per cent Adnoc company.

The company which provides diverse services to the oil and gas industry, including drilling, producing chemicals, and logistics, is planning to expand its operations into new markets in the region. Currently, it has contracts in Saudi Arabia.

"We want to focus on Qatar which has strong business potential. Also, Iraq when it opens up soon, will present huge opportunities," said Al Qubaisi.

The company owns 25 supply boats of various types.It is also ISO 9001 certified.

"The merger will have positive effects regarding cost reduction for the companies operating in the oil and gas fields as the result of dealing with one company instead of two," he said.