NMDC Energy has won three offshore engineering, procurement and construction projects from Saudi Aramco worth AED 2.8 billion ($763 million), the contractor said in an Abu Dhabi Securities Exchange statement on October 23. Completion is expected in 18 to 23 months, although the company did not name the fields or give individual contract values.
According to NMDC Energy, the awards follow AED 2.2 billion of projects secured in the second quarter and sit under a long term agreement with Aramco that was signed in 2016 and extended in April 2025 for three years, with an option for three more. The company is majority owned by NMDC Group, and its shares trade on the Abu Dhabi Securities Exchange. Aramco is its largest client outside the UAE, and about a third of its revenue comes from abroad. Saudi Arabia’s contracting pipeline extends well beyond offshore oil and gas.
The slower end of that pipeline is Saudi Arabia’s first nuclear plant. The Duwaiheen nuclear plant project that CRO reported in 2024 as facing an indefinitely postponed bid deadline still lists four approved bidders, China National Nuclear Corporation, EDF, KEPCO and Rosatom, for two reactors of about 1.4 gigawatts each. The United States and Saudi Arabia signed a nuclear cooperation agreement on July 22, 2026, which still faces review by the US Congress and does not itself award a construction contract.
NMDC Energy Aramco Offshore EPC Projects Add AED 2.8 Billion to a Long Term Relationship
The three awards are letters of award, according to the company’s disclosure to the exchange. The project names, offshore fields and individual values have not been released, and the work is described only as engineering, procurement and construction of offshore oil and gas infrastructure.
If work starts promptly, an 18 to 23 month schedule would put completion between April and September 2028. The company has not said when each project begins.
NMDC Energy has worked on Aramco projects under the 2016 agreement, and the April 2025 extension covers engineering, procurement, fabrication, transportation, installation and pre-commissioning of offshore facilities in Saudi waters. The company also opened a fabrication yard at Ras Al Khair in Saudi Arabia in early 2025.
NMDC Energy is the energy arm of NMDC Group, formerly known as National Marine Dredging Company, and the unit was previously called National Petroleum Construction Company, which ADNOC founded in 1973. Its services span engineering, procurement, pipe laying, project management, fabrication, installation and commissioning.
NMDC Energy Aramco Offshore EPC Projects Land Amid a Wider Aramco Award Round
Upstream reported on October 22 that Aramco had awarded at least five offshore maintenance and brownfield projects, worth up to $2.5 billion in total, to two international contractors. NMDC Energy did not say whether its projects are among them. For scale, NMDC Energy’s three awards average roughly $254 million each.
Aramco’s own reporting points to continued offshore investment. In August, the company said construction continued on the Zuluf crude oil increment, and Chief Executive Amin Nasser said Aramco “has stayed anchored to its long-term priorities.”
NMDC Energy Aramco Offshore EPC Projects Follow Strong Revenue but Lower Profit
NMDC Energy reported first half 2026 revenue of AED 9.5 billion, up 16% from AED 8.2 billion a year earlier. Net profit was AED 251 million, down 57% from a year earlier, and local operations contributed 70% of revenue with international projects making up 30%.
The company’s project backlog stood at AED 33.3 billion at the end of June 2026, before the new Aramco award, according to its results statement. Together with the second quarter awards of AED 2.2 billion, the company has disclosed AED 5.0 billion of new awards across the two announcements. NMDC Energy raised AED 3.22 billion in a 2024 initial public offering, which sold about 23% of its shares. The shares trade on the Abu Dhabi Securities Exchange under the ticker NMDCENR. Chief Executive Ahmed Al Dhaheri said in May 2025 that the company was looking for work in Iraq, North Africa and Nigeria, and for closer collaboration with Chinese companies.
Project Overview
- Project Name: NMDC Energy offshore EPC projects for Saudi Aramco (three awards)
- Client: Saudi Aramco
- Contractor: NMDC Energy PJSC
- Location: Offshore Saudi Arabia, with the fields not disclosed
- Project Type: Offshore engineering, procurement and construction of oil and gas infrastructure
- Contract Value: AED 2.8 billion ($763.3 million) across three projects
- Award Type: Letters of award, disclosed to the Abu Dhabi Securities Exchange on October 23, 2026
- Duration: 18 to 23 months
- Framework: Aramco long term agreement signed in 2016 and extended in April 2025 for three years, with an option for three more
- Fabrication: Ras Al Khair yard in Saudi Arabia, opened in early 2025
- Backlog: AED 33.3 billion at the end of June 2026, before this award
- First Half 2026 Results: Revenue of AED 9.5 billion, up 16%, and net profit of AED 251 million, down 57%
- Individual Contract Values: Not disclosed
- Project Names and Fields: Not disclosed
Project Team
Owner and Contractor
- Client: Saudi Aramco
- Contractor: NMDC Energy
- Parent Company: NMDC Group
- Listing Venue: Abu Dhabi Securities Exchange
Subcontractors and Partners
- Subcontractors and Suppliers: Not publicly disclosed
Related Project: Duwaiheen Nuclear Plant
- Developer: Duwaiheen Nuclear Energy Company
- Bidder: China National Nuclear Corporation
- Bidder: EDF
- Bidder: KEPCO
- Bidder: Rosatom
Leave a Reply