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NPCC to spend US$500 million on upgrading equipment

Industry

Abu Dhabi-based National Petroleum Construction Company (NPCC) has said it will spend more than US$500 million to upgrade its offshore marine fleet, increase the capacity of its yards and improve equipment

NPCC chief executive officer Aqeel Madhi said that the total investment in upgrades would take place over the course of the next two to three years.

“NPCC’s five-year business plan is being formulated. We have set ourselves an ambitious expansion plan in terms of volume, growth and geographical reach, scouting for opportunities in Southeast Asia, the Caspian Sea and West Africa," Madhi was quoted by Gulf News as saying at a company event.

The oil-services company is heavily focused on the Abu Dhabi market and is actively bidding for offshore oil and natural gas projects being tendered in Abu Dhabi, which are estimated to be worth around $7 billion.

The company is bidding for two of the construction packages being tendered by Zakum Development Co. (Zadco) and Abu Dhabi Marine Operating Company (Adma-Opco).

According to Madhi, NPCC expects to hear in May whether it has won the Upper Zakum package to build platforms and pipelines, valued at about $1 billion. A second construction package, for facilities on artificial islands, is worth much more and will be awarded at the end of the year.

NPCC is jointly owned by General Holding Corp., the Abu Dhabi government’s industrial arm who owns 70 per cent, and Athens-based Consolidated Contractors Co., who owns the remaining 30 per cent.

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