ADNOC L&S acquires 80% of Navig8 for $1bn

ADNOC Logistics and Services (ADNOC L&S), the shipping, logistics, and marine services arm of Abu Dhabi National Oil Company (ADNOC), announced it has acquired an stake 80% in Navig8, a tanker owner and pool operator with 32 owned vessels and significant bunker trading outfit Integr8.

The $1.04bn acquisition includes a commitment to acquire the remaining 20% of the company by mid-2027 for an additional sum between $335m and $450m. ADNOC L&S described the move as value-accretive, and expects to find $20m in synergies from 2026.

Navig8 was founded in 2007 and now has a presence in 15 cities. Integr8 was launched in 2011 and has become a top five bunker trader, annually trading over 5.5m tonnes and supplying over 5,000 vessels.

ADNOC L&S simultaneously announced a hybrid capital instrument of $1.1-2.0bn, and will draw $1.1bn to finance the Navig8 acquisition. The remainder, able to be drawn through December 2026, can be used to fund announced or new investments.

The company’s Integrated Logistics unit added 20 offshore assets during 2024,including nine offshore support vessels (OSVs) including a passenger ferry, crew boats, anchor handling tug supply (AHTS) vessels, platform supply vessels (PSVs) and multipurpose supply vessels (MSPV). Hire contracts were secured for 19 Jack-Up Barge (JUB) deployments.

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The group’s first newbuild LNG carrier was also delivered in late 2024 by Jiangnan Shipyard. Al Shelila is the first in a series of six vessels, was delivered two months early by the yard, and immediately went on hire with an energy trader.

ADNOC L&S ordered 23 newbuilds in 2024, including eight to 10 LNG carriers, nine Very Large Ethane Carriers (VLECs) and four Very Large Ammonia Carriers (VLACs).

Commenting on the Navig8 acquisition, Capt Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “The completion of this landmark acquisition is a significant milestone in our transformational growth strategy. By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company.”