Abu Dhabi firm orders ship from China's Zhenhua
Dubai, June 21, 2010
Abu Dhabi's National Petroleum Construction Co (NPCC) has ordered a pipe-laying vessel from Shanghai Zhenhua Heavy Industry Co, the UAE oil services firm said.
The vessel is expected to be built by the third quarter of 2012, an NPCC statement said. It did not give the value of the contract.
NPCC plans to spend $400 million to expand its fleet, it added.
Abu Dhabi holds the bulk of the crude reserves and oil revenue of the United Arab Emirates, the world's third largest oil exporter. – Reuters