Adma-Opco 3rd-biggest player in GCC oil and gas contracts

abu dhabi — Abu Dhabi Marine Operating Company, or AdmaOpco has emerged as the thirdbiggest stakeholder in the $43 billion oil, gas, petrochemical and power sector contracts awarded in the resource-rich GCC in the past 12 months.

Saudi Electricity Company, or SEC, is the top-ranked awarding client and Hyundai Heavy Industries is the top ranked contractor by value of contracts awarded. Korean contractors dominate the rankings, with UAE-based contractors are in second place.

Engineering, procurement and construction, or EPC, contracts worth $43 billion have been awarded for projects in the oil, gas, petrochemical and power sectors in the GCC during the 12 months to November 2013, according to regional project tracking database Meed Projects.

Over 40 per cent of this total estimated amount was awarded by two major Saudi clients — SEC for 23 packages including Jeddah South Thermal Power Plant and Shuqaiq Steam Power Plant, and Saudi Aramco including 11 packages of the Jizan refinery project.

These 42 contracts, worth an estimated $19 billion, ranked SEC and Saudi Aramco top of the list of clients to award EPC contracts in this 12-month period and makes the kingdom the biggest market in the GCC for EPC awards.

The third-ranked client is Adma-Opco, awarding five contracts worth $4.9 billion for packages at Das Island, Sarb and Umm Al Lulu fields.

The top three clients in these sectors contributed 17 per cent of total contract awards in the GCC during the 12 months to November 2013.

Korean EPC contractors domi-

$ 43b

worth of contracts have been awarded

nate the list of winning contractors, reflecting a consistent trend since 2009. Seven of the 10 biggest contracts were awarded to individual Korean contractors or to consortiums of which Korean companies are a part.

The biggest single EPC contractor by value of awards is Hyundai Heavy Industries, which is a joint venture partner in three of the top four projects awarded.

EPC contractors headquartered in the UAE have fared well and the country is second-ranked of origin with nearly $3.5 billion worth of contracts in this period.

NPCC is the only UAE-based EPC to break into the top 10, although 17 UAE-based contractors have been awarded EPC contracts.

The UAE also features the region’s biggest project award during the last 12 months: Zadco’s EPC 2 package for Upper Zakum, at over $3 billion, which was awarded to a joint venture of Petrofac and Daewoo.

The ranking of clients and EPC contractors comes from the new company analysis and search pages launched on Meed Projects this year.