NMDC Energy vessel. (Image source: NMDC Group)

NMDC Group, a leader in engineering, procurement, construction, and marine dredging, has announced that the Initial Public Offering (IPO) of NMDC Energy was 31.3 times oversubscribed, generating AED 3.22bn (US$880mn) for the Group

The offering of 1.15 billion shares in NMDC Energy, representing 23% of the total share capital, was made available to eligible investors at AED 2.8 per share. The IPO was oversubscribed within hours of its launch on 30 August 2024. At the close of the subscription period, the Retail tranche was oversubscribed 600 times, and the Professional tranche by 16.7 times.

Unprecented interest

Yasser Zaghloul, Group CEO of NMDC, said, “The unprecedented interest we received underscores the market’s trust in NMDC Group’s ability to lead the industries of the future. With this step, we are building a legacy that goes beyond profits; it’s about sustainable growth, technological innovation, and pushing the boundaries of what’s possible in the energy sector. The future will see NMDC Energy pioneering solutions that power industries and inspire and uplift communities both regionally and globally. As we enter this next phase, I am more confident than ever that NMDC Energy will continue to set new benchmarks and deliver on our promise to drive meaningful progress for the UAE and the global stage.

Ahmed Al Dhaheri, CEO of NMDC Energy, added, “The immense investor interest in our IPO clearly demonstrates that the market understands the value and potential of NMDC Energy. Additionally, this IPO consolidates the UAE’s position a leader in supplying the world’s energy needs. As we prepare for a new phase as an ADX-listed company, we will build on this milestone by targeting organic and inorganic growth, expanding our geographical reach, as well as creating synergies that drive transformation and innovation across the business.”

The contracts are together worth around US$1bn. (Image source: Adobe Stock)

Saipem has been awarded two offshore contracts in Saudi Arabia together worth around US$1bn under its existing Long-Term Agreement with Saudi Aramco

Saipem’s scope of work under the first contract involves the engineering, procurement, construction, and installation (EPCI) of three production deck modules (PDMs), 33 km of subsea rigid pipelines with diameters of 12 inches and 16 inches, and 34 km of subsea power cables. The infrastructures will be installed in the Marjan oil and gas field.

The second contract involves the EPCI of three jackets, five PDMs (Production Deck Modules), 22 km of subsea rigid pipelines with a diameter of 16 inches, 5 km of subsea flexible pipelines, and 35 km of subsea power cables. The infrastructures will be installed in the Zuluf and Safaniyah oilfields.

For the offshore component of the two projects, Saipem will deploy its construction vessels that are operating in the region.

Fabrication will be carried out at Saipem’s Saudi fabrication yard, Saipem Taqa Al-Rushaid Fabricators Co. Ltd., with the aim of boosting the capabilities of local industry.

The award follows the award of two offshore projects in Saudi Arabia in July, under its Long-Term Agreement (LTA) with Saudi Aramco, together amounting to US$500mn and relating to the Abu Safa, Berri and Manifa fields
Saipem has a longstanding relationship with Saudi Aramco, and a strong presence in the Saudi Arabia and throughout the region.

Brady’s new BradyJet J7300 Colour Label Printer prints industrial-strength labels in vibrant full colour. (Image source: Brady Corporation)

Who says inkjet and durability can’t work together?

Meet the BradyJet™ J7300 – Brady's groundbreaking new printer that’s redefining what’s possible with full colour for industrial applications. Whether you need labels for the production line or anywhere in your facility, this versatile printer delivers vibrant, eye-catching labels that stand up to tough conditions.

Water, chemicals, abrasion? No problem. And with LabelSense™ technology working behind the scenes, setup is automatic and takes seconds. That means anyone can print just about anything, from sharp barcodes and regulatory labels to custom signs and tags with photos and logos.

Brady’s new BradyJet J7300 Colour Label Printer prints industrial-strength labels in vibrant full colour. Optimally support safety, lean efficiency and maintenance in production environments. Use the toughest materials on the market, complete with automatic setup, calibration and printing on the very first label.

Why should you consider equipping your operation with a BradyJet J3700?

• Ideal for industrial labelling that changes frequently, from regulatory signage and Lean visuals to barcoding, lab ID, GHS labelling and UL/component ID
• LabelSense™ technology enables printer, materials and inks to talk to each other for automatic part recognition, setup and adjustments
• Dual CMY and true black (K) ink cartridges deliver vibrant colours, deep black, dark tones, readable barcodes and sharp text job after job
• Prints smear-free inks on labels that resist water, chemicals and abrasions for up to two-year outdoor durability (even longer indoors)
• Print Utility dashboard helps you plan, budget and troubleshoot with status alerts, a job cost calculator, remote monitoring and more
• Exterior LED lighting and clear cover communicate real-time printer status
• Ships with the free Brady Workstation Basic Software that includes fundamental apps and features to create labels
• Optimised Windows® driver lets you connect to third-party software and print PDFs

Unleash your true colours with the BradyJet™ J7300 Colour Label Printer. Enjoy fast, industrial-grade full colour for variable print jobs from the production line to the lab.

So, what could you achieve with a label printer that combines rapid output, stunning color accuracy, and the flexibility to handle diverse printing needs?

Discover the new BradyJet J7300!

Brady Corporation

To contain the growth of greenhouse gas emissions and make global gas market equilibrium resilient, it is critical to enhance investment in natural gas supply. (Image source: Adobe Stock)

A potential global gas supply shortfall along with the likelihood of failing to meet sustainability goals are highlighted in a new report from the International Gas Union, Snam and Rystad Energy, as energy demand continues to rise

The 2024 Global Gas Report (GGR) released at the ONS Conference, reveals that global gas markets are in fragile equilibrium, with supply growth limited while demand is expected to accelerate to 2.1% by the end of 2024.

Asia continues to be the key engine of the demand growth, while North America and the Middle East are in the lead on the exports.

Should gas demand continue to grow as in the last four years, without additional production development, a 22% global supply shortfall is expected by 2030 the report says, underscoring the urgent need to scale up investments.

Energy demand has continued to rise in developed and developing regions, while coal burning increased more than ever in 2023, remaining the biggest source of global energy emissions. If current energy demand and supply trends persist, 2030 targets outlined in policy driven decarbonisation scenarios will most likely be missed. Despite efforts to enhance efficiency and ongoing industrial decline, Europe has experienced energy demand growth. In North America, energy demand has surpassed 2019 levels and continues to climb, fuelled by the transport sector and AI data centres. Asia's demand is also surging, particularly in the industrial sectors of India and China. Meanwhile, Africa's energy demand is growing faster than in most regions, driven by urban development, though it still falls short of the levels required for full energy access.

Enhanced investment in natural gas needed

To contain the growth of greenhouse gas emissions and to make global gas market equilibrium resilient, it is critical to both enhance investment in natural gas supply and scale up biomethane, carbon capture and storage (CCS), and low-carbon hydrogen technologies, the report says. Natural gas today provides an immediate opportunity to cut emissions from coal by 50% and from oil by 30% through cost-effective switching. Biomethane is a direct substitution for natural gas. Today, its scale is significantly below potential at roughly 1% of the natural gas market, and it is primarily produced in North America and Europe. However, new centres of production are emerging in hubs like China and India. CO2 capture capacity, a crucial technology for a successful energy transition, is also gaining momentum, but needs to be scaled up, as for biomethane and low-carbon hydrogen. These technologies will play a critical role in decarbonising energy supply (especially in hard-to-abate sectors) and ensuring its resilience. Scaling them is essential, requiring urgent investment and enabling policies to start building the growing volumes of project proposals.

IGU president, Mme Li Yalan, commented, “Energy and gas demand continue to grow, driven by improving living standards in the developing world, new demand trends, and ongoing growth in developed regions. We must look for a realistic way to balance these trends with long-term sustainability goals, such as building a diversified energy system, and comprehensive approaches to tackle climate change. Embracing innovative solutions and flexible policies will be key to navigate this highly uncertain energy landscape.”

Snam CEO, Stefano Venier, said, “The energy transition represents a unique challenge for mankind. A journey that will not be linear, marked by great aspirations and many hurdles, from geopolitical tensions to technology disruptions and unforeseeable global economy developments. In this continuously evolving transformation, natural gas and related infrastructure represents a critical element of sustainable resiliency for the global energy system, while new green and low carbon molecules will play an essential role to achieve a just and technologically neutral transition.”

Rystad Energy CEO, Jarand Rystad, added, “Natural gas, now 30% of the fossil fuel mix, is cheaper and cleaner than oil and coal, with emissions significantly lower than both. As global LNG access expands, natural gas is on track to surpass coal by 2030 and oil by 2050.”