NMDC Energy, the Abu Dhabi-listed engineering, procurement and construction contractor, has received a letter of award from Saudi Aramco for three new projects valued at USD 763.3 million.

The company disclosed the award in a statement to the Abu Dhabi Securities Exchange on Friday, saying the contract relates to EPC offshore works. Completion of the projects is expected within 18 to 23 months. The project names and locations were not given in the statement.

Financial performance in the first half of 2026

Alongside the announcement, NMDC Energy reported its financial results for the first half of 2026. Revenues rose 16 percent year on year to USD 2.6 billion, while net profit fell 57 percent annually to approximately USD 68.35 million.

Aramco's spending and growth programme

The award comes as Saudi Aramco continues to invest in its growth objectives. In August, the company said construction activities continued on the Zuluf crude oil increment amid a focus on its strategic growth priorities.

"Even through periods of uncertainty, Aramco has stayed anchored to its long-term priorities," President and CEO Amin Nasser said in the company's second quarter 2026 financial statement.

Aramco's capital expenditure in the upstream segment rose 4.9 percent in the second quarter of 2026 to approximately USD 10.13 billion compared with the first quarter of 2026. Capital expenditure in the downstream segment increased 34.6 percent year on year in the second quarter to approximately USD 2.48 billion.

Context

NMDC Energy's latest letter of award adds to its portfolio of offshore EPC work for the region's energy sector.

The Abu Dhabi-listed contractor did not disclose further details about the scope of the three projects beyond confirming the offshore nature of the works and the expected completion timeline of 18 to 23 months.

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