ADNOC Awards McDermott Over $1 Billion Offshore Gas Contract

M&A · Partnership
โดย Oilprice.com·AE·Read original
Summary · why it matters

ADNOC has awarded McDermott a contract worth more than $1 billion for a major offshore pressure-boosting facility at Abu Dhabi's Umm Shaif field. The engineering, procurement, construction and installation contract covers Package 4 of ADNOC's Umm Shaif Integrated Gas Cap and Surface Pressure Boosting Project, with McDermott and its Qingdao McDermott Wuchuan consortium to construct and install a new jacket and topside while modifying existing offshore infrastructure. McDermott classified the award as a mega contract exceeding $1 billion and said the completed topside will be among the heaviest offshore modules ever installed in the Middle East. The contract follows ADNOC's $6.2 billion final investment decision in July to develop the Umm Shaif Gas Cap alongside TotalEnergies, Eni and China National Petroleum Corporation, with the wider project including three EPC contracts worth a combined $5.1 billion and a 14-well drilling program. ADNOC expects the development to unlock more than 600 million standard cubic feet per day of natural gas and associated liquids, equivalent to roughly 10% of current UAE domestic gas consumption, with first production targeted for 2030.

Impact on stocks 2

Energy▲ · 2 stocks
Eni S.p.A.
ENI
▲ PositiveDemandrelevance

Part of consortium developing Umm Shaif gas cap, boosting Eni's upstream portfolio.

TotalEnergies SE
TTE
▲ PositiveDemandrelevance

Partner in Umm Shaif gas cap project, enhancing TotalEnergies' gas assets.

Theme Impact 1

Off-coverage companies 3

McDermott InternationalPrivate▲ Positive
Demandrelevance

Wins over $1 billion EPCI contract for offshore gas facility.

Qingdao McDermott WuchuanPrivate▲ Positive
Demandrelevance

Consortium partner in the contract, securing significant construction work.

Abu Dhabi National Oil Company (ADNOC)Private▲ Positive
Demandrelevance

ADNOC awards contract to develop gas field, increasing its production capacity.

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