ADNOC has acquired Zakher Marine, seeking to boost its oil, natural gas and wind energy business.
According to Arabiya Net, a statement said that Abu Dhabi National Oil Company will acquire the UAE-based ZMI, also known as Zakher Marine International, but the financial details of the deal were not disclosed.
ZMI said it will likely generate record operating EBITDA for Ebitda this year of more than $300 million, buoyed by higher oil and gas prices since the Russian invasion of Ukraine.
Companies in this sector are usually valued at between five and 15 times that of Ebitda.
ZMI will retain its branding and will continue to operate as an independent entity although it will fall under Adnoc Logistics & Services, an arm that ADNOC is considering offering, Bloomberg reported in February.
Goldman Sachs advised ZMI, and Moelis & Co worked with ADNOC.
Founded in 1984, ZMI employs around 1,400 people in the UAE, Saudi Arabia, Qatar and China, where it won its first contract - for an offshore wind project - last year.
The company's chief financial officer, Ahmed Omar, said in an interview that the company's fleet of 62 support and barge vessels is valued at about $1.6 billion.
