Approval of Petroleum Marine Services Company (PMS) Business Results for 2024 Amidst Record Performance Indicators

 Engineer Karim Badawi: PMS is a vital entity supporting the petroleum and gas sector’s strategy to increase production through integrated marine services according to the highest global standards.

Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, emphasized the central role that the Petroleum Marine Services Company (PMS) plays in supporting and implementing the six main pillars of the petroleum and gas sector strategy. The first pillar focuses on increasing exploration and production activities, particularly from deep-water fields, through collaboration with partners and providing integrated marine services in line with the highest global standards. Additionally, the sixth pillar relates to exploiting Egypt’s strategic location to enhance regional cooperation and maximize the benefits of its infrastructure. This is achieved by opening new avenues and forming partnerships with global companies to benefit from new discoveries in the region, in light of the recent agreement signed with Cyprus to receive Cypriot gas and either re-export it or use it to meet domestic market needs.

This came during the general assembly Meeting of PMS  Co. to approve the results of the company’s work in 2024, which saw exceptional performance indicators reflecting the success of the company’s development and expansion strategies.

The Minister of Petroleum and Mineral Resources praised PMS’s outstanding performance during 2024, confirming that the company’s record results reflect the success of its ambitious plans to enhance its operational and competitive capabilities at both the local and regional levels. He thanked the company’s employees for the good results achieved during the year, noting that these successes align with the state’s efforts to maximize the benefits of marine resources, especially in increasing deep-water production.

Engineer Karim Badawi also praised the company’s efforts in combating the effects of a fuel leak caused by the grounding of a cargo ship in November last year in the city of Quseir, South Red Sea, which exemplifies collaborative work with government agencies, including the Ministry of Environment and the relevant authorities in the Red Sea Governorate.

During the assembly, the Minister of Petroleum and Mineral Resources emphasized the importance of defining the company’s future projects, their timelines, necessary investments, and the expected returns from them. He also urged PMS to leverage its expertise and workforce to expand training programs and cooperate with Egyptian universities and technical schools to prepare qualified technical cadres that meet the needs of the petroleum labor market. Additionally, he stressed the need for a balanced representation of women and men in the company’s workforce based on its needs and reiterated the importance of adhering to health, safety, and environmental protection standards as they are crucial to attracting further investments.

For his part, Engineer Amr Badawy, Chairman and CEO of PMS, reviewed the company’s financial and operational indicators for 2024. The company recorded total revenues of $262.7 million, supported by the expansion of its marine services, improving operational efficiency, increasing its market share, applying the latest digital solutions, and optimizing costs while maximizing asset utilization.

He explained that the company successfully executed several major production projects in construction and marine services, including the tenth phase of the West Delta Deep Marine Gas Field Development Project for the Burullus Gas Company, making it the first company in Egypt and the Middle East to undertake this type of project in deep waters. Other projects included the development of the October Offshore Field, the southern fields at Ras El Ush Field, and the North Safa offshore field for Gulf of Suez Petroleum Company (GUPCO), as well as projects for the development of the West Burullus offshore gas field for Petroweb and GG field development for General Petroleum Company (GPC), in addition to several other projects.

The year 2024 also witnessed a notable expansion in the implementation of offshore facility maintenance and inspection (IMR) projects, further cementing PMS’s position as a reliable strategic partner in this field.

Engineer Amr Badawy pointed out that digital transformation was one of the core pillars of the company’s strategy. A comprehensive plan was implemented to apply the latest digital technologies in managing marine operations and data transmission, including 3D modeling, digital twins, and monitoring actual conditions of marine units, which resulted in improved operational efficiency.

He also emphasized the company’s commitment to developing human resources, investing in training and development programs for technical and administrative staff, ensuring they keep up with technological advancements and enhancing their skills to meet market needs.

This is in addition to enhancing health and safety standards and providing a safe work environment, minimizing emissions, and protecting the marine environment.

As part of its ambitious expansion plan, PMS developed its marine fleet to be capable of executing deep-water projects, successfully achieving this during the execution of the tenth phase of the West Delta Deep Marine Gas Field Development Project, which was completed with exceptional efficiency.

Additionally, PMS has finalized all procedures to activate its branch in Saudi Arabia, and it is working on opening other new branches outside Egypt, with a focus on the United Arab Emirates, enhancing its regional presence in energy and marine services markets.

These achievements reflect PMS’s commitment to providing integrated and advanced marine solutions in accordance with the highest international standards. The company continues its development efforts by investing in modern technologies, updating marine infrastructure, and developing its fleet and company facilities to ensure sustainable growth.

He also highlighted the importance of strengthening partnerships with major global companies and exploring new avenues for expansion in regional and international markets, contributing to PMS’s role as one of the leading contributors to the development of marine infrastructure, as well as participating in major national projects in line with Egypt’s Vision 2030 to strengthen the energy sector and achieve sustainable development.

As part of its commitment to corporate social responsibility, the company implemented several initiatives and contributions during 2024, supporting the unified strategy of the Ministry of Petroleum and Mineral Resources in this regard, reflecting its active role in achieving sustainable development on both the economic and social levels.