Egypt's Minister of Petroleum and Mineral Resources Karim Badawi announced that 2026 will see the largest number of offshore wells drilled in recent years, emphasizing the need for early preparation by Petroleum Marine Services (PMS) to capitalize on these opportunities. He described PMS as one of the petroleum sector's key national entities specializing in offshore construction and marine services.
Minister Badawi spoke during PMS's general assembly to approve its 2025 results, praising the company's strong performance over the past year, which demonstrates its efficiency in executing complex offshore projects to the highest technical standards and on schedule. He pointed out that the current phase offers promising prospects for PMS, especially with intensified gas exploration activities in the Mediterranean.
The minister urged leveraging the company's advanced marine fleet and technical capabilities to build strategic partnerships with exploration and research firms, ensuring readiness to join development and production phases right after ongoing exploration ends. He also highlighted opportunities for expansion into external markets, particularly with growing offshore infrastructure prospects in the eastern and western Mediterranean.
Badawi directed full compliance with occupational health, safety, and environmental protection standards, given the high risks of deepwater offshore operations, stressing that protecting workers and the marine environment are top priorities for the petroleum sector.
For his part, PMS Chairperson Amr Badawy reviewed the company's key performance indicators for 2025, noting that it executed projects generating total revenues of $261.5 million, including about $129 million from development projects and $132.6 million from inspection, maintenance, repair services, and operations support. The company recorded notable growth in operating and net profits.
PMS's strategy focuses on diversifying and expanding activities, such as cable-laying, installing deepwater offshore structures, port dredging, broadening its client base, increasing business volumes, and strengthening partnerships. Key 2025 projects included the eleventh phase of the West Delta Deep Marine gas field development, the West Burullus offshore gas field project, North Safa and Zafarana fields in the Gulf of Suez, and the UGDC berth development at Damietta Port.
Regarding regional expansion, PMS opened a branch in Saudi Arabia and completed registration with Aramco and KJO, while procedures for its UAE branch are nearing completion within two months. The company secured 44 new contracts in 2025 worth $310.7 million, exceeding the $191 million in 2024. It is also upgrading its fleet with a new multi-purpose unit and building a specialized deepwater barge.