UAE: ADNOC Acquires 80% of Navig8 for $1 Billion
Many world leaders will gather in Abu Dhabi on January 15-16 to attend the World Future Energy Summit
From hydrocarbon producer to global transporter. ADNOC Logistics and Services (ADNOC L&S), the offshore energy logistics arm of United Arab Emirates-based oil and gas giant Abu Dhabi National Oil Company (ADNOC), has acquired an 80% stake in Navig8, a company specializing in offshore energy transportation, for $1.04 billion. The deal includes a contractual obligation to acquire the remaining 20% by mid-2027, with a price range of $335 million to $450 million.
The deal will further strengthen the status of ADNOC L&S as a leading player in the energy maritime transportation market: founded in 2007 in London, Navig8 currently operates in 15 major ports around the world and has its own fleet of 32 oil supertankers.
The announcement came just days before the World Future Energy Summit, which will be held in Abu Dhabi, United Arab Emirates, on January 15-16. The event, which is held annually in the Emirati capital, discusses the topics of future energy development, energy efficiency, and clean technologies.
