UAE-based largest national drilling firm, ADNOC Drilling Company has signed a Sale and Purchase Agreement (SPA) to acquire two additional premium offshore jack-up drilling units.
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.
The company said in a statement that the acquisition underpins the company’s accelerated fleet expansion and enterprising growth. Further, the purchase cements ADNOC Drilling’s position as the largest owner and operator of rigs in the Middle East.
According to the statement, “It is the fourth confirmed by the company in recent months. Earlier sale and purchase agreements were signed on 30th May (for two rigs), 10th June (one rig), and 24th August (one rig).”
Mr. Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, stated that, “ADNOC Drilling takes another exciting step in executing our accelerated growth strategy as a key enabler of ADNOC’s production capacity.”
“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,” commented Mr. Al Seiari.
ADNOC Drilling continues demonstrating strong and resilient growth combined with a sustainable and progressive dividend. 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, as per the statement.