Petroleum Marine Services Company
EEGX:PMSC10.00
USD
0.00
(0.00%)
ISIN
EGS3J7D2C015
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S&P 500
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14.20
3Y
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81.12
5Y
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68.34
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- Petroleum Marine Services Company (EGX: PMSC) is an Egypt-based offshore engineering, procurement, construction, and installation (EPCI) and marine services contractor. Founded in 2001 and headquartered in Cairo, Egypt, the company operates as an affiliated entity of the state-owned Egyptian General Petroleum Corporation (EGPC), having originated from the specialized marine division of Petrojet. The company delivers integrated offshore infrastructure development, subsea construction, and maritime support solutions to national oil companies, international operators, and upstream energy enterprises across Egypt, the Mediterranean Sea, the Gulf of Suez, the Red Sea, and the wider Middle East and North Africa region. The company provides a comprehensive portfolio of offshore and maritime services, which includes engineering, procurement, fabrication, and installation of fixed offshore platforms, production jackets, and topsides; shallow-water and deepwater subsea pipeline laying, pipe trenching, and underwater tie-ins; submarine power, control, and telecommunications cable installation; offshore asset integrity management, structural maintenance, and repair services; commercial diving operations encompassing surface-supplied air diving, mixed-gas diving, and saturation diving systems; remotely operated vehicle (ROV) underwater inspection, surveying, and intervention; marine vessel chartering, offshore logistics, and supply base management; rig moving, towing, and anchor handling for offshore drilling units and accommodation barges; offshore mooring system installation and maintenance; and offshore structure decommissioning, removal, and salvage operations. To support its operations, PMS manages a specialized marine fleet comprising dynamic positioning (DP I and DP II) multi-purpose support vessels, heavy-lift derrick pipelay barges, offshore accommodation barges, and high-bollard-pull tugboats. In recent corporate and operational developments, Petroleum Marine Services has advanced its corporate governance and capital market integration under the Egyptian government's privatization and asset optimization program, formally submitting an application in mid-2026 to list its shares on the Egyptian Exchange (EGX) main market with an authorized and issued share capital of 120 million USD divided into 12 million shares. Operationally, the company has expanded its project execution footprint by securing and delivering critical national energy infrastructure contracts, including the Engineering, Procurement, and Construction (EPC) contract for Phase Four of the Kamose gas field in North Sinai involving the fabrication and offshore installation of multiple production platforms and subsea trunklines; the West El-Burullus offshore gas field development comprising offshore platform installations and long-distance subsea pipelay campaigns utilizing its PMS 12 vessel; and the execution of pipeline laying and offshore facility upgrades at the Zaafarana field in the Gulf of Suez for Gemsa Petroleum Company. Concurrently, PMS continues to implement strategic fleet modernization programs, upgrading its subsea installation assets and expanding deepwater operational capabilities to support expanding regional offshore exploration and production activities.