Written by: Basant El-Farmawy
NMDC Energy, listed on the Abu Dhabi Securities Exchange, has won a major contract including Engineering, Procurement, and Construction (EPC) works for three new offshore projects for Saudi Aramco, with a total value of approximately 2.8 billion UAE dirhams, equivalent to about 763.3 million US dollars.
The company explained in an official statement that the contracts relate to executing integrated offshore works within the mentioned projects, and are scheduled to be completed within a period ranging from 18 to 23 months, without disclosing the names of the projects or their specific locations in the statement.
Regarding financial performance, the company recorded a year-on-year revenue growth of 16 percent to reach 9.5 billion dirhams in the first half of 2026, while net profit reached 251 million dirhams during the same period.
In a related context, Saudi Aramco continued construction activities at the Zuluf crude oil increment project, with a focus on achieving the company's long-term strategic goals. Amin Nasser, Aramco's CEO, confirmed the company's commitment to its strategic priorities despite market challenges and uncertainties.
Development of capital expenditures for upstream and downstream sectors
Capital expenditures for the upstream sector at Saudi Aramco saw an increase of 4.9 percent during the second quarter of 2026 compared to the previous quarter to reach 38 billion Saudi riyals. At the same time, capital expenditures for the downstream sector recorded an annual increase of 34.6 percent to reach 9.3 billion Saudi riyals in the second quarter of the year.
