The main scope of the project will cover improving digitalisation at Adnoc’s gas processing plants by modelling the 2D and 3D documents on an integrated software-based platform.

UAE-based marine engineer National Marine Dredging Company (NMDC) has received an offer to merge with the National Petroleum Construction Company (NPCC), a construction engineering company.

Merging the two firms would create a major integrated oil, gas and marine services company in the Middle East and North Africa, reported The National.

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The offer has been proposed by General Holding Corporation (Senaat), which is a part of the Abu Dhabi government-owned ADQ, and other shareholders that hold a minority stake in NPCC.

It gives an implied equity value of AED1.1bn ($299.5m) to NMDC.

NPCC is controlled by the Abu Dhabi government through ADQ.

ADQ is also a significant shareholder in NMDC.

ADQ chief investment officer Khalifa Al Suwaidi was quoted by the news agency as stating: “As one of the largest pan-regional EPC (engineering, procurement and construction) players, this transaction will create a larger, more diversified and financially flexible national champion.

“We are excited about the significant opportunity that can be created via this transaction, driving performance and growth to generate value not only for shareholders, but the UAE as a whole.”

Under the terms of the offer, NPCC will be transferred to NMDC, and NMDC will issue a convertible instrument of 575 million ordinary shares to NPCC.

This will represent 69.7% of the issued shared capital of the marine dredging company upon conversion.

Should a deal take place, it will be subject to approvals from shareholders and receipt of other standard regulatory approvals.

ADQ expects the deal to close by the end of this year.