UAE’s NMDC Energy, previously known as National Petroleum Construction Company, is making a significant move into the offshore wind sector with plans to invest $500 million in a specialized offshore vessel. This marks a major shift for the company, which has traditionally focused on oil and gas projects.

Speaking to The National, Ahmed Al Dhaheri, NMDC Energy’s chief executive, said the company is confident about its growth in this sector. The investment will include the construction of a new vessel dedicated to offshore wind projects, as well as jack-up barges for installing wind turbine components like towers, blades, and turbines. The company also plans to acquire another vessel for laying interconnecting cables at wind farms.

The company is collaborating with global energy giants like TotalEnergies, EDF, and RWE as it aims to make offshore wind a significant part of its future revenue. This isn’t NMDC Energy’s first foray into wind energy — it previously installed monopiles at Taiwan’s Yunlin offshore wind farm. However, this new investment signals a broader commitment to the renewable energy sector.

NMDC Energy is also expanding internationally, exploring opportunities in North and West Africa and Southeast Asia, with several project tenders under review. The company reported a record revenue of Dh14.44 billion ($3.93 billion) in 2024, an 82% increase from the previous year, driven by both domestic and international projects.

Despite challenges such as rising costs and political uncertainties surrounding wind energy, Al Dhaheri remains optimistic about the sector’s future. The company currently has a project backlog worth Dh58 billion and recently secured a $1 billion contract in Taiwan to build undersea gas pipelines.