Cairo: Minister of Petroleum and Mineral Resources Karim Badawi announced that the year 2026 will witness the drilling of a record number of offshore wells, emphasizing the need for the Petroleum Marine Services Company (PMS) to prepare early to capitalize on these opportunities.

According to State Information Service Egypt, Badawi addressed the company's general assembly meeting, where the 2025 business outcomes were approved. He described PMS as a key national entity specializing in offshore construction and marine services, highlighting its accumulated technical expertise, advanced capabilities, and highly qualified workforce.

Badawi commended the recent outcomes achieved by PMS, which reflect the company's efficiency in executing complex offshore projects in alignment with high technical standards and within specified timelines. He noted that the current phase presents promising opportunities, especially with intensified gas exploration activities in the Mediterranean Sea.

The minister emphasized the importance of leveraging PMS's capabilities and modern marine fleet to form strategic partnerships with companies involved in exploration and research activities. This cooperation would ensure PMS's readiness to participate in development and production phases immediately after exploration works conclude, while also creating expansion prospects in foreign markets, particularly in the eastern and western Mediterranean.

Badawi also highlighted the necessity of adhering to occupational health, safety, and environmental protection standards due to the high-risk nature of offshore operations in deep-water areas. He stressed that safeguarding workers and protecting the marine environment are top priorities for the petroleum sector.

PMS Chairman Amr Badawi presented the company's key 2025 outcomes, noting successful project execution with total revenues of $261.5 million. This included nearly $129 million from development projects and $132.6 million from inspection, maintenance, and repair services, as well as operations and support for drilling and production activities. The company has experienced significant growth in operating profits and net income, the chairman added.