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NMDC Energy wins three Saudi Aramco offshore EPC projects

NMDC Energy wins three Saudi Aramco offshore EPC projects

Built World

Abu Dhabi contractor adds $763 million under a long-term agreement expanded in April 2025

Today: Trade coverage confirms the three awards

Overview

Updated 53 minutes ago

NMDC Energy has won three offshore construction contracts from Saudi Aramco worth a combined $763.3 million. The Abu Dhabi contractor disclosed the awards to the stock exchange on October 23, with completion expected in 18 to 23 months.

The projects are the latest under a long-term agreement between the two companies signed in 2016 and extended in April 2025. Trade reports tie the packages to Aramco's Marjan and Zuluf fields, though the official filing did not name them.

Why it matters

Aramco keeps channeling offshore work to a small contractor group, and NMDC Energy holds a growing share of that multi-billion-dollar pipeline.

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Key Indicators

$763.3 million
Total value of three awards
AED 2.8 billion across three offshore EPC projects.
3
Offshore EPC projects
Jackets and production deck modules for Aramco's Gulf fields.
18-23
Months to completion
Expected window per the Abu Dhabi Securities Exchange disclosure.
AED 33.3 billion
Project backlog before award
Reported backlog at end of June 2026, before these contracts.

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People Involved

Organizations Involved

Timeline

1973 October 2026

8 events Latest: Today
Tap a bar to jump to that date
  1. Trade coverage confirms the three awards

    Today Reporting

    Construction Review and other outlets report on the disclosed contracts, linking them to Aramco's Marjan and Zuluf fields.

  2. NMDC Energy discloses three Aramco EPC awards worth $763.3 million

    Contract Award

    The contractor announces three offshore engineering, procurement and construction projects to the Abu Dhabi Securities Exchange.

  3. Backlog reaches AED 33.3 billion

    Financial

    NMDC Energy reports its project backlog at end of June, before the new Aramco awards.

  4. Aramco extends long-term agreement three years

    Agreement

    The oil giant renews the contract with an option for three more years, covering offshore work in Saudi waters.

  5. Ras Al Khair fabrication yard begins production

    Expansion

    The 400,000 square meter yard in Saudi Arabia, with 40,000 tonnes of annual capacity, comes online.

  6. NMDC Energy lists on Abu Dhabi exchange

    Capital Markets

    Initial public offering raises AED 3.22 billion, selling about 23% of the company's shares.

  7. NMDC signs long-term offshore agreement with Aramco

    Agreement

    The two companies agree to a framework covering offshore engineering, procurement, fabrication and installation in Saudi waters.

  8. ADNOC founds National Petroleum Construction Company

    Founding

    The Abu Dhabi national oil company creates the contractor that would become NMDC Energy.

Scenarios

1

NMDC Energy completes all three projects on schedule

Likely Resolves by Q3 2028

Discussed by: Trade press tracking Aramco's offshore program and NMDC's own status reports

Work runs 18 to 23 months from an expected early start, putting completion between April and September 2028. The Ras Al Khair yard is fully operational, and the AED 33.3 billion backlog gives the company room to staff the jobs. The main risk is labor and equipment competition across Gulf offshore projects.

2

NMDC Energy wins additional Aramco packages under the long-term agreement

Possible Resolves by End of 2027

Discussed by: MEED, Upstream

The five CRPOs awarded now (three to NMDC, two to Saipem) are part of a broader offshore program at Abu Safah, Berri, Manifa, Marjan and Zuluf. Aramco has kept the long-term agreement framework open and can release more packages. NMDC's chief executive says international revenue, mostly from Aramco, is a stated growth target.

3

Value or scope of the three awards expands during execution

Possible Resolves by Q2 2028

Discussed by: Industry observers of Aramco's CRPO practice

Aramco commonly expands EPC scope through change orders or follow-on CRPOs as design matures. NMDC's first-half net profit fell 57% even as revenue rose 16%, a sign of margin pressure that could push the company to seek scope increases. Any growth would show up as amended contract values in ADX disclosures.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

1973

ADNOC founds National Petroleum Construction Company (1973)

Abu Dhabi's national oil company, ADNOC, founded the National Petroleum Construction Company to build and maintain offshore oil and gas infrastructure in the emirate's waters. The company, now NMDC Energy, is majority-owned by NMDC Group and listed on the Abu Dhabi Securities Exchange.

Then

The company spent decades as the contractor of choice for ADNOC's offshore fields.

Now

It expanded beyond the UAE into Saudi Arabia, where Aramco became its largest client outside the Emirates.

Why this matters now

It explains the lineage: a contractor built by one national oil company now serves another state giant, Aramco.

2016

Saudi Aramco signs first offshore agreement with NMDC (2016)

Aramco and NMDC Energy signed a long-term agreement covering engineering, procurement, fabrication, transportation, installation and pre-commissioning of offshore facilities in Saudi waters. The deal created a framework for repeated awards without full re-tendering.

Then

NMDC began winning steady offshore work from Aramco under the framework.

Now

The agreement was extended in April 2025 for three years, with an option for three more, and has produced multiple award rounds.

Why this matters now

Today's three contracts are the latest installment of a decade-old framework designed for exactly this pattern of repeat awards.

2024

NMDC Energy's IPO (2024)

NMDC Energy listed on the Abu Dhabi Securities Exchange in 2024, raising AED 3.22 billion and selling about 23% of its shares. The listing gave the contractor public capital and a valuation benchmark to pursue international work.

Then

The IPO funded expansion, including the Ras Al Khair fabrication yard in Saudi Arabia.

Now

International projects now make up about 30% of revenue, with Aramco the largest foreign client.

Why this matters now

The Aramco awards are the payoff of the international strategy the IPO enabled.

Sources

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