Acquire Smit Lamnalco limited 40% share

ADNOC takes full ownership of IRSHAD

GMT 12:45 2014 Monday ,01 December

Arab Today, arab today ADNOC takes full ownership of IRSHAD

Shekaib Ali Redha (C)
Abu Dhabi - Arab Today

Abu Dhabi National Oil Company (ADNOC) has become the sole owner of Abu Dhabi Petroleum Ports Operating Company (IRSHAD) after it acquired Smit Lamnalco limited 40 per cent share in IRSHAD.
IRSHAD Company was established on January 1979 as a joint venture between ADNOC with 60 percent of its capital share and Land Marine National Contracting Company (LAMNALCO) with 40 percent share to operate and maintain the petroleum and industrial ports of Abu Dhabi.
The deal was signed by Darwish Abdullah Al Qubaisi, director of shared and technical services at ADNOC and for Smit Lamnalco Limited by Shekaib Ali Redha and Tom Bennema, members of the board of directors of the company in the presence of a number of senior officials from both sides.
Pursuant to this acquisition, ADNOC now has complete ownership of IRSHAD, which owns and operates a large fleet of marine vessels of different sizes, powers and capabilities.
Following the signing of the deal Darwish Al Qubaisi, praised the huge development and large expansions in the oil and gas sector thanks to the unlimited support of the wise leadership of the U.A.E.. He stressed IRSHAD's commitment and continuous efforts to maintain superiority and to provide high quality marine services to the Petroleum Ports of Abu Dhabi Emirate.
IRSHAD will continue its efforts to achieve an optimal level of efficiency to meet the growing operational requirements of ADNOC Group of Companies in order to serve the large-scale projects and large expansions being implemented by ADNOC, he said, describing the strategic developmental plan of IRSHAD as ambitious and comprehensive. He also noted the possibility of a continued cooperation with Smit Lamnalco in future projects.
He further stressed IRSHAD's commitment to provide quality marine services to the Petroleum Ports of Abu Dhabi while ensuring safety and environmental protection to maintain excellence and superiority.
Source: WAM

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