Minister of Petroleum and Mineral Resources Karim Badawi said 2026 will witness the drilling of the largest number of offshore wells in recent years, underscoring the need for early preparation by Petroleum Marine Services (PMS) to maximise the benefits of these opportunities.
The minister described PMS as one of the petroleum sector’s key national entities specialising in offshore construction and marine services, citing its accumulated technical expertise, advanced capabilities and highly qualified workforce.
Speaking during the company’s general assembly meeting to approve its 2025 results, Badawi commended the strong performance achieved over the past year, which reflects the company’s efficiency in executing complex offshore projects in line with the highest technical standards and within scheduled timeframes.
He noted that the current phase presents promising prospects for PMS, particularly amid intensified gas exploration activity in the Mediterranean.
Badawi stressed the importance of leveraging the company’s advanced marine fleet and technical capabilities to forge strategic partnerships with exploration and research companies, ensuring readiness to participate in development and production phases immediately upon the completion of ongoing exploration activities. He added that this would also create opportunities for expansion into external markets, particularly given rising offshore infrastructure prospects in both the eastern and western Mediterranean.
The minister further directed full compliance with occupational health, safety and environmental protection standards, given the high-risk nature of deepwater offshore operations. He emphasised that safeguarding workers and protecting the marine environment remain top priorities for the petroleum sector.
For his part, PMS Chairperson Amr Badawy reviewed the company’s key performance indicators for 2025. The company executed projects generating total revenues of $261.5m, including approximately $129m from development projects and $132.6m from inspection, maintenance and repair services, the operation and maintenance of crude oil and product loading berths, and support for drilling and production operations. The company also recorded notable growth in operating and net profits.
He said the company’s strategy focuses on diversifying and expanding activities, including cable-laying operations, the installation of deepwater offshore structures, port dredging works, broadening its client base, increasing business volumes and strengthening partnerships with existing customers.
Amr Badawy also highlighted major projects implemented in 2025 across the Mediterranean and the Gulf of Suez. These included the eleventh phase of the West Delta Deep Marine gas field development project, the West Burullus 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 a regasification vessel. The company also carried out offshore pipeline and platform inspection and repair works.
Regarding regional expansion, he noted that PMS has opened a branch in Saudi Arabia and completed registration procedures with Aramco and KJO. Registration procedures for the company’s branch in the United Arab Emirates are also nearing completion and are expected to be finalised within two months, supporting its regional expansion strategy.
In terms of business development, the chairperson stated that PMS secured 44 new contracts and project awards in 2025 valued at $310.7m, surpassing the $191m recorded in 2024, reflecting growing client confidence in the company’s technical capabilities. He added that the company is upgrading its marine fleet with a new multi-purpose unit and constructing a specialised deepwater barge, strengthening its competitiveness in executing future offshore projects.
