Weekly Newsletter

10 November 2023

Weekly Newsletter

10 November 2023

AD Ports Group announces $200m vessel acquisition

The $200m investment will feature ten new vessels each set with an average age of just nine years.

Cat Vitale November 07 2023

Abu Dhabi-based port developer AD Ports Group has announced the acquisition of ten offshore vessels, to be used in operations across Asia and boost the group's revenue.

The $200m investment will generate $70m in revenue per year over the next three to five years, the UAE firm said.

According to AD Ports Group, the average age of the fleet is nine years old, a much more modern fleet compared to the industry average of 22 years.

The new fleet is set to be delivered by Q4 2023, with the financial settlement commencing in the first quarter of 2024.

AD Ports Group managing director and group CEO Mohamed Juma Al Shamisi emphasised the mark this deal will make across Asia.

Al Shamisi said: "I am pleased to announce this key investment. The expansion of our offshore fleet is a significant move in our strategic objective to fortify and enhance our Middle East and Southeast Asia footprint.

“We recognise the increasing demand in the energy sector; thereby, through bolstering our fleet, our group is better positioned to demonstrate our role as a premier offshore service provider within these regions whilst meeting the diverse and growing demands of our customers."

The deal includes a variety of vessels that can be used to tackle offshore projects and vessel shortages across the Middle East. This includes Multipurpose Supply Vessels (MPSVs), Platform Supply Vessels (PSVs), Diving Support Vessels (DSVs) and Accommodation Workboats (AWBs).

Alongside the acquisition, the port group intends to assume well-established contracts with blue-chip clients in the oil and gas industry.

This includes national and international oil companies across Southeast Asia and the Middle East, with an expectation of utilising around 95% of the current contracts for the foreseeable future.

Could investment in the the metaverse accelerate the travel industry’s recovery?

Current metaverse applications in the T&T sector either focus on digital marketing campaigns with real-world rewards for consumers, creating immersive experiences on-site for digitally savvy consumers through AR and VR metaverses, or improving operational efficiency through digital twin technology. As the metaverse evolves, it could offer virtual travel opportunities that complement traditional tourism. However, uptake of the metaverse by smaller travel and tourism operators will remain limited until use cases are affordable and provide a guaranteed return on investment.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close