Adnoc L&S Invests USD 1.3 Billion in Acquisition of 11 Vessels

Adnoc Logistics & Services plc (Adnoc L&S) announced the acquisition of five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of approximately USD 1.3 billion.

This investment will enable Adnoc L&S to expand its gas and crude oil transportation capacity, supporting the integrated value chain of the Adnoc Group, as well as the continuous growth in production, marketing, and export volumes.

Nine of the vessels, six VLCCs and three VLGCs, were acquired from the secondary market and are scheduled for delivery in the third quarter of 2026. They will enter service with Adnoc immediately upon delivery. The remaining two VLGCs are newbuild vessels acquired through a resale transaction from a leading Chinese shipyard, with delivery scheduled for the fourth quarter of 2026.

Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, stated that "this USD 1.3 billion investment reflects the disciplined execution of our growth strategy and our commitment to building world-class maritime logistics capabilities for the energy sector. By adding 11 vessels, we are expanding our capacity to support ADNOC's growing exports, serve customers in key markets, and capitalize on opportunities in international energy trade. Our strong financial position and cash generation allow us to invest in growth and deliver sustainable shareholder value."

The transactions provide short-term operational and earnings potential, while increasing the scale, flexibility, and resilience of the company's maritime transportation platform.