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Abu Dhabi’s Irshad to spend $544m on fleet expansion

Abu Dhabi Petroleum Ports Operating Co (IRSHAD), part of the Abu Dhabi National Oil Co (ADNOC) group, is to invest Dhs2bn ($544m) in new vessels over the next five years, Seatrade Global has reported. This follows the announcement of a deal between IRSHAD and marine support services provider Smit Lamnalco for the operation of DP2 Anchor Handling Tug SL Labuan for two years of maintenance activities at crude oil terminals in Fujairah. The company currently owns a fleet of 48 vessels of various types and capabilities for a range of applications.