EL7.AI
GeneralMedium•25 October 2026•
3 min read

NMDC Energy Wins $763 Million Offshore Contracts from Aramco

Key Facts

1NMDC Energy’s backlog stood at AED 33.3 billion at the end of June 2026.
2The company’s revenue grew 16% to AED 9.5 billion in the first half of 2026, compared with AED 8.2 billion a year earlier.
3The company was awarded new projects worth AED 2.2 billion in the second quarter of 2026.
4The new offshore projects are expected to take 18 to 23 months to complete.

The new contracts are part of the company’s offshore work with Aramco, according to an NMDC Energy disclosure. The projects are expected to be completed within 18 to 23 months, The National reported, citing the company’s statement to the Abu Dhabi Securities Exchange. The award adds new work to the company’s backlog. Further details on the scope of each project or the locations covered were not disclosed.

The award comes against the backdrop of the company’s existing workload, with its backlog reaching AED 33.3 billion at the end of June 2026. NMDC Energy also recorded revenue of AED 9.5 billion in the first half of the year, up 16% year on year from AED 8.2 billion in the corresponding period of 2025. The company said its net profit was AED 251 million in the first half. It put its cash position at about AED 3.3 billion at the end of the period. These figures place the new contracts alongside the company’s reported backlog and revenue, while disclosures do not specify the award’s standalone effect on future results.

The company previously announced awards for new projects worth AED 2.2 billion in the second quarter of 2026. Those projects provide recent context for the new offshore contracts, but relate to an earlier award period and do not represent the value of the current projects. NMDC Energy says it has been working on multiple projects with Aramco since signing the previous long-term agreement in 2016. In April 2025, the agreement was extended for three years, with an option for an additional three-year extension. The agreed services include detailed engineering, materials procurement, fabrication, transportation, installation and pre-commissioning for offshore facilities in Saudi Arabia’s territorial waters.

The company said the long-term agreement provides a framework for a range of services related to offshore facilities, from detailed engineering and materials procurement to fabrication, transportation, installation and pre-commissioning. This scope covers multiple stages of project execution, while the disclosure described the new award as offshore engineering, procurement and construction projects. Details of the fields and the scope of each project remain undisclosed in the available information on the award. The announced execution timeline is 18 to 23 months. The announcement did not specify separate start dates for each project or a detailed delivery schedule.

In the broader Saudi economic context, the International Monetary Fund forecast real gross domestic product growth of 1.7% in 2026 and 5.5% in 2027. It also forecast non-oil GDP growth of 2.6% in 2026 and 4.5% in 2027. These estimates provide context for the economy in which Aramco operates, but are not directly related to the NMDC Energy award and do not measure its impact. The available facts do not include a market reaction to the announcement or a separate financial estimate of the contracts’ contribution to company revenue. The next stated phase is execution of the projects within the expected completion period of 18 to 23 months.