By:Mepmiddleeast

The investment will also include the acquisition of jack-up barges for installing towers, blades, and turbines, as well as vessels for laying interconnecting cables at offshore wind projects.

“We see the potential in offshore wind, and this can in the future have a good share of our business and revenue moving forward,” said Al Dhaheri. The company is in discussions with global energy giants like TotalEnergies, EDF, RWE, and Iberdrola to expand in this area.

The investment will include jack-up barges for installing towers, blades, and turbines, as well as interconnecting cables

NMDC Energy’s Offshore Wind Ambitions

This shift into wind energy represents a significant departure for NMDC Energy, which has traditionally focused on the onshore and offshore oil and gas sectors. The company’s only prior involvement in wind was at the Yunlin offshore wind farm in Taiwan, where it installed monopiles for turbines.

Al Dhaheri noted that while the company is encountering challenges such as rising costs and supply chain delays, it is optimistic about the future of offshore wind, with many projects already sanctioned and ready for execution.

Growth and Expansion

In the latest financial results, NMDC Energy reported a sharp rise in revenue to $3.93 billion in 2024, an 82% increase from the previous year. Profit for the year surged by about 80% to $1.4 billion.

The company is also eyeing new markets, with plans to expand into North Africa, West Africa, and Southeast Asia. Al Dhaheri confirmed a $1 billion contract win for undersea gas pipeline construction with a Taiwanese firm last month.

Al Dhaheri stated that the company is working with shipyards to build a dedicated vessel for wind energy operations

Despite macroeconomic and political challenges in the wind sector, Al Dhaheri remains optimistic about its future, forecasting substantial growth in offshore wind over the next several years.

With projections from Rystad Energy forecasting over 520 gigawatts of offshore wind installations by 2040, the sector looks poised for steady growth. However, Al Dhaheri cautioned that political environments could impact the speed of development.