DUBAI: Abu Dhabi is seeking to create a national and regional oil and gas services champion through the combination of contracting firms the National Petroleum Construction Company ( NPCC ) and the National Marine Dredging Company ( NMDC ). The proposed transaction "would create a new national and regional integrated engineering, procurement and construction (EPC) champion," ADQ said further in a statement. The transaction proposed is an asset transfer from NPCC to NMDC, ADQ said in a statement. The separate companies being combined had total revenue of 8.88 billion dirhams ($2.42 billion) last year, ADQ said. Shares of NMDC, listed in Abu Dhabi, rose 14.4% after the announcement.

Source: The North Africa Journal August 17, 2020 02:03 UTC