ADNOC Drilling Co announced today that it has signed an agreement to acquire an additional two premium offshore jack-up drilling rigs.
The acquisition is the fourth of its kind in recent months. In August, ADNOC Drilling purchased a premium offshore jack-up drilling unit for $70 million.
The two new rigs have a combined cost of $140 million and will join the ADNOC Drilling fleet and commence operations by the end of 2022.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, commented: “The acquisition of these new jack-up rigs consolidates our position as the owner of one of the largest operating jack-up fleets in the world and will significantly boost Company revenues, cash flow and shareholder returns over the coming years.”
Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has rapidly expanded its fleet from 96 to 105 owned rigs, as of 31 July 2022. With the addition of these two premium jack-up rigs, the company will own one of the largest operating fleets of offshore jack-up rigs in the world, with 32 rigs, and has plans for further fleet growth.
In the first half of 2022, ADNOC Drilling delivered revenue of $1.27 billion, a 13% increase year-on-year, with $379 million in net income – a 34% increase. It also confirmed that the interim dividend per share increased by 5% to 7.83 fils per share, bringing the first payment of fiscal year 2022 to $341 million.
