Abu Dhabi-based National Petroleum Construction Company (NPCC) expects revenue to grow by 34% this year on the back of projects it has won overseas, its chief executive said on Wednesday. Revenue at the majority state-owned oil and gas services contractor will hit 7.1 billion dirhams ($1.9 billion) compared to 5.3 billion dirhams last year, Ahmed al-Dhaheri said.
“The higher revenues are from projects won outside the UAE with 84% of the value of projects from non-UAE companies,” al Dhaheri said at an event to mark the completion of NPCC’s largest offshore gas treatment platform for the Abu Dhabi National Oil Company (ADNOC).
NPCC has many projects from Saudi Aramco, Kuwait and India, its main markets, al Dhaheri added. It also entered Egypt this year, winning a contract for a sub-sea project in the Red Sea.
The firm has submitted bids for projects worth more than 6 billion dirhams in the region and is awaiting results, he said.
While NPCC is exploring opportunities in new markets in north Africa and south-east Asia, it also expects to boost its order book in the UAE as more oil and gas projects come on stream, he said.
NPCC is also working towards strengthening its position in India through partnerships on offshore projects, al Dhaheri said. NPCC has two engineering companies in India, one in Hyderabad and the other in Mumbai.
- Reuters
