ADNOC Drilling Co., the drilling unit of state-owned ADNOC, announced today that it has signed an agreement to acquire two premium offshore jack-up drilling units worth $200 million.
The acquisition follows ADNOC’s recent announcement to accelerate oil production capacity target of 5 MMbbl/d by 2027.
This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021. ADNOC Drilling has almost doubled its offshore jack-up rig fleet to 32 since early 2021, with further significant expansion expected in 2023 and beyond.
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Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, commented, “Our objective is to be operating a total fleet of at least 122 owned rigs by 2024, and at our fleet’s current, accelerated rate of growth we will easily surpass that milestone.”
$13 billion contracts signed
As the Company’s new rigs progressively enter the fleet, ADNOC Drilling expects a further boost to its financial and operating performance to the benefit of its clients, shareholders and the UAE.
As of today, the company has signed more than $13 billion contracts since its IPO in 2021. From the IPO in October 2021 to the end of 3Q22, the Company has delivered a compelling Total Shareholder Return of 53.7 percent. In the first nine months of 2022, the company delivered revenue of $1.94 billion, a 15% year-on-year increase, with $568 million in net profit, increasing 24%.
