NMDC Energy wins $763 million offshore EPC deal from Saudi Aramco

what happened

Abu Dhabi-listed engineering and construction contractor NMDC Energy told the Abu Dhabi Securities Exchange on Friday that Saudi Aramco has issued it a formal award notice covering three offshore projects. The package is valued at AED 2.8 billion, or $763.3 million, according to Reuters, and the offshore EPC work is expected to take 18 to 23 months. Locations and project names were not disclosed.

NMDC's revenue in the first half of 2026 rose 16% year on year to AED 9.5 billion ($2.6 billion), while net profit fell 57% to AED 251 million. In August, Aramco said construction on the Zuluf crude oil increment was moving ahead. CEO Amin Nasser said in the company's second-quarter 2026 statement: “Even through periods of uncertainty, Aramco has stayed anchored to its long-term priorities.”

Aramco's upstream capital spending in the second quarter of 2026 rose 4.9% from the first quarter, to SAR 38 billion. Downstream capex climbed 34.6% year on year to SAR 9.3 billion.

why it matters

For listed contractors, large Aramco awards offer multi-year visibility into offshore work. Still, the sharp profit decline despite higher revenue points to margin pressure that investors should weigh alongside the new contract. Aramco's higher capital spending in both segments suggests continued demand for oil and gas services in the region.

market impact

Regional oilfield service contractors: a large Aramco award supports backlog and utilisation

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