Image credit: Chan Srithaweeporn/ Getty Images
Abu Dhabi’s NMDC Group, a leading construction and dredging services provider, announced on Thursday that it has secured a $1.14bn offshore pipeline contract in Taiwan, marking the first time a Middle Eastern company has undertaken a project of this scale in the country’s energy and marine sector.
Taiwan Power Company (Taipower) awarded the contract to NMDC Energy and NMDC Dredging and Marine – the subsidiaries of NMDC Group. The two entities will collaborate on the design, construction, and installation of offshore pipelines in waters 10 to 55 meters deep, connecting Taichung and Tongxiao on Taiwan’s western coast.
The project involves extensive dredging, amounting to approximately 6 million cubic meters. The contract also includes connecting the pipeline from the shoreline to the offshore area, with an onshore section of approximately 1,000 meters.
NMDC expects the project to substantially boost its revenue and solidify its leadership in executing mega-projects both within and outside the UAE.
The group reported a 68 per cent increase in revenues and a 45 per cent rise in net profits for the nine months ending September 30, 2024, driven by a robust project pipeline, strategic and operational expansion across the group’s divisions, and NMDC Energy’s initial public offering on the Abu Dhabi Securities Exchange.
Revenues rose to Dhs18.5bn compared to Dhs11bn for the same period a year ago, while its profit surged by 45 per cent to Dhs2.2bn.
Meanwhile, NMDC launched a new logistics and technical services business unit in December to manage and operate the group’s extensive marine support craft, technical expertise, and equipment. NMDC LTS aims to expand the group’s services further beyond supporting NMDC Group’s business units and reaching into the broader construction and industrial sectors.
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