EGYPT – Minister of Petroleum and Mineral Resources Karim Badawi said 2026 will see the highest number of offshore wells being drilled in recent years, stressing the need for early preparation by the Petroleum and Marine Services (PMS) to maximize the benefits of these opportunities.
The Minister said that PMS is one of the leading national institutions in the petroleum sector specializing in offshore construction and marine services, citing its accumulated technical expertise, advanced capabilities and highly qualified workforce.
Speaking at the company’s general meeting to approve its 2025 results, Mr. Badawi praised the strong performance achieved over the past year, which reflects the company’s efficiency in executing complex offshore projects within the scheduled period and in line with the highest technical standards.
He pointed out that the current stage shows promising prospects for PMS, especially with increased gas exploration activity in the Mediterranean.
Mr. Badawi emphasized the importance of leveraging the company’s advanced offshore fleet and technological capabilities to forge strategic partnerships with exploration and research companies, and to be ready to participate in the development and production phase as soon as ongoing exploration activities are completed. He added that this would also create opportunities for expansion into external markets, especially given the growing prospects for offshore infrastructure in both the eastern and western Mediterranean.
The Minister further directed full compliance with occupational health, safety and environmental protection standards, taking into account the high-risk nature of deep-sea offshore operations. He stressed that the protection of workers and the protection of the marine environment remain a top priority for the oil sector.
PMS Chairman Amr Badawi reviewed the company’s key performance indicators for 2025. The Company executed projects that generated total revenues of $261.5 million, including approximately $129 million from development projects and approximately $132.6 million from inspection, maintenance and repair services, crude oil and product loading berth operations and maintenance, and support for drilling and production operations. The company also recorded significant growth in operating profit and net profit.
He said the company’s strategy focuses on diversifying and expanding its activities, including cable-laying operations, installation of deep-sea offshore structures, port dredging operations, expanding its customer base, increasing business volumes and strengthening partnerships with existing customers.
Amr Badawi also highlighted major projects that will be implemented across the Mediterranean Sea and the Gulf of Suez in 2025. These include Phase 11 of the West Delta Deep Offshore Gas Field Development Project, the West Burulus Offshore Gas Field Development Project, the North Safa and Zafarana Field Projects in the Gulf of Suez, and the UGDC Berth Development Project at Damietta Port to accommodate regasification vessels. The company also carried out inspection and repair work on offshore pipelines and platforms.
Regarding regional expansion, PMS said it has opened a branch in Saudi Arabia and completed registration procedures with Aramco and KJO. The registration process for the company’s branches in the UAE is also nearing completion and is expected to be completed within two months, supporting the company’s regional expansion strategy.
Regarding business development, the chairman said that PMS won 44 new contracts and project awards worth $310.7 million in 2025, exceeding the $191 million recorded in 2024, reflecting growing customer confidence in the company’s technological capabilities. He added that the company is upgrading its marine fleet with new multi-purpose units and building specialized deepwater barges to strengthen its competitiveness in executing future offshore projects.
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