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Drydocks World, Aker Solutions to Upgrade Production at UK Rosebank Field

Part of the sinings ceremony - WAM
Part of the sinings ceremony - WAM
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Drydocks World, Aker Solutions to Upgrade Production at UK Rosebank Field

Part of the sinings ceremony - WAM
Part of the sinings ceremony - WAM

Drydocks World, a DP World Company, and Aker Solutions have formed a joint venture to upgrade a Floating Production Storage and Offloading (FPSO) vessel for the Rosebank oil and gas field in the UK.

The new joint venture combines the complementary strengths, resources, and experience of Drydocks World’s leading marine and offshore services with Aker Solutions’ integrated solutions, products and services to cater for the needs of the global energy industry, state news agency WAM reported.

The joint venture signed its first contract with Altera Infrastructure, a global energy infrastructure services group, to upgrade, refurbish and electrify the FPSO, the Petrojarl Knarr. The vessel will be redeployed at Rosebank field, with the upgrades allowing it to be kept in the field for 25 years without drydocking.

The contract was officially signed in Dubai at DP World’s Head Office by Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World and Chairman of Drydocks World; Sturla Magnus, Executive Vice President, Topsides and Facilities at Aker Solutions; and Arne Hygen Tørnkvist, EVP of Altera Infrastructure.

Aker Solutions will handle the detailed design and procurement of equipment in Norway, while Drydocks World will be responsible for the fabrication and construction work at their yard in Dubai.

Commenting on the cooperation, Bin Sulayem said: “This joint venture between Drydocks World and Aker Solutions will deliver world-class maritime engineering and construction solutions to the global energy industry. The sector needs smart, collaborative partnerships like this to ensure sustainable production and to successfully transition equipment and vessels for the future. Today’s announcement is an important step forward.”

Capt. Rado Antolovic PhD, CEO of Drydocks World-Dubai, said: “Based on our strong prior working relationship and the aligned cultures of each partner, the new joint venture between Drydocks World and Aker Solutions will bring the shared strengths and values of both companies and provide a range of solutions including engineering, procurement and construction to a global market.”

Kjetel Digre, CEO of Akers Solutions also said that “collaboration and partnerships are at the core of how we work. In Drydocks World-Dubai, we have a world-class partner in developing solutions, and we look forward to continuing our long-term relationship by delivering jointly towards the Rosebank oil and gas field development project.”

Tørnkvist, for his part said: “I am very pleased to sign this contract on behalf of Altera - being the owner of the Petrojarl Knarr FPSO. The FPSO will operate for up to 25 years in the most challenging environment on the planet. I see this as a start of a strong and long-term relationship with Drydocks World.”

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Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.