Page 59 - September 2020

Oil & Gas

UAE mega-merger: Senaat extends offer to

combine NPCC and National Marine Dredging

shareholders of NPCC, submitted the offer with the
aim of creating a national and regional integrated
EPC company with an established footprint in
the Middle East, North Africa, and South Asia.
The combined entity would have integrated 2019
revenue of $2.42 billion (AED8.875 billion).
“It is the intention to maintain NMDC’s existing
listing, positioning the combined group as one of
the largest companies on the Abu Dhabi Securities
Exchange, ADX, which is expected to have a
positive impact on overall demand and liquidity for
the combined group’s shares,” according to a joint
press release.
The deal would be a reverse merger, transferring
The shareholders of the National Petroleum NOCC’s assets to NMDC. NPCC shareholders
Construction Company (NPCC) have made an would receive a convertible instrument which
offer to combine the company with the National would give them a 69.7% stake in the company
Marine Dredging Company (NMDC). once converted. The deal places NMDC’s equity
Senaat, a part of ADQ, and other minority value at $300 million (AED 1.1 billion).

Weir Oil & Gas Secures Pumps & Motors

Services Contract in UAE

Weir Oil & Gas Dubai has signed a three-year with the client, Weir Oil & Gas’ capabilities in UAE,
agreement for servicing and repairing pumps and local content, in-house engineering, API and OEM
motors with a national oil company in the UAE. certifi cations and a comprehensive international
The contract secures the provision of Weir Oil & facility near the customer’s sites were all deciding
Gas Rotating Equipment services, machine shop factors in the deal. This contractual agreement
services, emergency manufacturing and site works. further consolidates Weir’s Rig-to-Grid capabilities
Positive past and existing contract performance in the Middle East.

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