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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 in Aramco offshore work under a 2016 agreement, extended in 2025

October 27th, 2026: NMDC reports nine-month results and AED 29.8 billion backlog

Overview

Updated Oct 28

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

Trade reports tie the packages to Aramco's Marjan and Zuluf fields, but the filing names no fields. Aramco's round covers five contracts worth up to $2.5 billion, with Italian contractor Saipem winning the other two. NMDC's nine-month statement, published October 27, put its backlog at AED 29.8 billion as of September, before these awards.

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 29.8 billion
Project backlog before award
Backlog as of September 2026, per NMDC's nine-month statement. It excludes these awards.

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People Involved

Ahmed Al Dhaheri
Ahmed Al Dhaheri
Chief executive, NMDC Energy
Leading the contractor through expanded international work
YZ
Yasser Zaghloul
Chief executive, NMDC Group
Overseeing parent company of NMDC Energy
 Amin Nasser
Amin Nasser
Chief executive, Saudi Aramco
Leads the state oil company's offshore build-out, which awarded five contracts in October 2026

Organizations Involved

NMDC Energy PJSC
NMDC Energy PJSC
Energy contractor, publicly listed
Won three Aramco offshore EPC awards worth $763.3 million

Abu Dhabi contractor building offshore oil and gas infrastructure across the Gulf.
Saudi Aramco
Saudi Aramco
State-controlled energy company
Client awarding offshore EPC work to NMDC Energy and Saipem

Saudi Arabia's state oil company and one of the world's largest offshore oil producers.
NMDC Group
NMDC Group
Marine and energy conglomerate
Parent and majority owner of NMDC Energy

Abu Dhabi-based parent of NMDC Energy, operating marine dredging and energy construction.

Timeline

1973 October 2026

10 events Latest: October 27th, 2026 · 2 weeks ago
Tap a bar to jump to that date

  1. NMDC reports nine-month results and AED 29.8 billion backlog

    Latest Financial

    NMDC's nine-month statement shows AED 29.8 billion in backlog as of September and AED 2.3 billion in second-quarter offshore EPC awards from an undisclosed client.

  2. Trade coverage confirms the three awards

    Reporting

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

  3. 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.

  4. Aramco awards five offshore contracts worth up to $2.5 billion

    Contract Award

    Upstream reports five contract release and purchase orders for Marjan, Zuluf, Abu Safah and Safaniya, with NMDC and Saipem among the winners.

  5. Backlog reaches AED 33.3 billion

    Financial

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

  6. 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.

  7. Ras Al Khair fabrication yard begins production

    Expansion

    NMDC Energy's 400,000 square meter yard at Ras Al Khair became fully operational in the second quarter of 2025, according to its half-year results.

  8. 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.

  9. 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.

  10. 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

About a third of revenue comes from abroad, mostly from Aramco, CEO Ahmed Al Dhaheri said in July 2025.

Why this matters now

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

Sources

(13)
+7
Construction Review HMT News MEED Upstream Enterprise The National ICE Riyadh Financial Arabia Reuters via TradingView OrePulse ZAWYA Enterprise Reuters via TradingView