ADNOC Logistics and Services (ADNOC L&S) has completed the acquisition of an 80% stake in Navig8, an international shipping pool operator and commercial management company, for $1.04 billion, with economic ownership effective from January 1, 2024, according to Navig8's release.
This acquisition strengthens ADNOC L&S's position in the energy maritime logistics sector, expanding its service portfolio to include commercial pooling and bunkering services.
The remaining 20% ownership of Navig8 will be acquired by ADNOC L&S in mid-2027 for a deferred consideration of between $335 million and $450 million.
Navig8 operates a modern fleet of 32 tankers and has a global presence in 15 cities across five continents.