Abu Dhabi National Oil Company (Adnoc) has announced that its shipping and maritime logistics arm, Adnoc L&S, has acquired all of the UAE-based assets of Speedy Hire, a leading UK-based company providing tools and equipment hire for the oil and gas, construction and industrial sectors.
As per the agreement, Adnoc L&S will take ownership of Speedy’s equipment, stock and other fixed assets relating to its Middle East business, the company said in a statement on Monday.
The strategic buy will add more than 2,000 pieces of equipment, including cranes, forklifts, firetrucks and other high-value machinery used for offshore and onshore material handling services, to Adnoc L&S’ asset base.
It involves a transitional services agreement with Adnoc L&S for up to four months, to support the transfer of assets. During this time, Speedy’s UAE-based employees will be on boarded by Adnoc L&S at its Mussafah offshore logistics base.
A major global player, Speedy currently has close to 600 employees within the UAE. It has become one of the leading material handling operators for the oil and gas sector in the Middle East since 2012.
The company currently provides integrated logistics solutions from its four bases in the UAE and the synergy between Speedy’s assets and Adnoc L&S’ logistics expertise is expected to result in greater efficiencies for the company’s global clientele and firmly positions it as a leader in integrated logistics for the oil and gas sector.
Adnoc L&S CEO Captain Abdulkareem Al Masabi said: "The expansion plan we are pursuing is in line with Adnoc Group’s 2030 growth strategy. Speedy has been an efficient and reliable equipment and manpower services specialist for several years, and their assets and skilled personnel in the region are valuable as we look to expand our offshore logistics operations."
"We already have a sizeable offshore logistics base in Mussafah, the largest in the region, from which we provide offshore logistics solutions to nine locations, including six artificial islands," stated Al Masabi.
"The assets we are acquiring will strengthen the integrated logistics services that we provide and deepen our offering within oil and gas logistics," he added.-TradeArabia News Service