Abu Dhabi's NMDC Energy disclosed on the Abu Dhabi Securities Exchange that it received a letter of award from Saudi Aramco for three new offshore EPC projects worth AED 2.8 billion (USD 763.3 million). The works are expected to be delivered over 18 to 23 months from the contracts taking effect.
What is on the table
According to NMDC Energy's ADX filing dated 23 October 2026 and reporting by The National, the award covers three separate EPC packages — engineering, procurement and construction — in offshore scope. The company did not disclose which specific fields or platforms are involved: the ADX statement is limited to total value, project count and delivery window. Saudi Aramco has not provided its own public commentary on the award — the sole official source as of 23 October is the stock exchange filing.
Backlog and operating base
NMDC Energy's project backlog stood at AED 3.3 billion at the end of June 2026, and the group added AED 2.2 billion in new project wins during the second quarter of 2026. The new Aramco award layers on top of that, roughly on the order of one half-year of revenue: in H1 2026 NMDC Energy reported USD 2.59 billion (AED 9.5 billion) in revenue and USD 68.3 million (AED 251 million) in net profit. According to Upstream Online, the group's total order backlog including framework agreements exceeds USD 15 billion.
A standing Aramco relationship
NMDC Energy's cooperation with Saudi Aramco is formalised under a long-term agreement (LTA) in place since 2016. In April 2025, as reported by Upstream Online, the company announced a three-year extension of the LTA with an option for a further three years. The October letter of award is another large call-off under that framework, rather than a one-off tender win. NMDC Energy has been listed on the Abu Dhabi Securities Exchange since its 2024 IPO, which raised around USD 877 million.
What it signals for the UAE market
A sizeable Saudi Aramco order is more than service revenue for a contractor. It is a signal that the Gulf's two largest economies keep deepening industrial links: Saudi's national oil major keeps outsourcing offshore EPC capacity to UAE contractors beyond its own borders. For a Garant audience, it is one more data point in the diversification story we unpack in our UAE economy outlook for 2026. For companies servicing those cross-border contracts out of UAE jurisdictions, the resulting profit falls into the base for UAE corporate tax at 9% — a reminder that revenue growth from GCC subcontracting goes hand in hand with the tax-planning side of running a group.
Where NMDC Energy looks next
NMDC Energy's chief executive Ahmed Al Dhaheri told The National the company is actively evaluating opportunities in Iraq, North Africa and Nigeria. That mirrors a broader pattern: UAE service contractors are extending their footprint beyond the Gulf — Africa and Iraq are becoming new expansion anchors alongside their core GCC partners.
