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ADNOC L&S Awards $2.5 Billion Contract to South Korean Shipyards

Abu Dhabi-listed ADNOC Logistics and Services (ADNOC L&S) has awarded shipbuilding contracts worth up to 9.2 billion UAE dirhams ($2.5 billion) to South Korean shipyards Samsung Heavy Industries and Hanwha Ocean.

Each company will construct four liquefied natural gas (LNG) carriers, with an option for an additional vessel, ADNOC L&S announced in a statement to the Abu Dhabi Securities Exchange on Monday.

The new vessels are slated for delivery starting in 2028 and will be time-chartered to ADNOC Group subsidiaries for 20 years. They will support increasing natural gas export volumes, which are critical for lower-carbon transition fuel demand.

This expansion will boost ADNOC L&S’s LNG carrier fleet from 14 to at least 22 vessels.

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