UAE-based largest national drilling firm, ADNOC Drilling Company has signed a Sale and Purchase Agreement (SPA) to acquire an additional two premium offshore jack-up drilling units.
The two new drilling units, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs. This investment is central to the company’s enterprising expansion strategy and forms part of its three-year guidance on capital expenditure.
The fast-tracked fleet expansion program at ADNOC Drilling keeps the company on track to meet its ambitious goals of delivering 5 million bpd production capacity and achieving gas self-sufficiency for the UAE, all while enhancing the potential for larger shareholder returns.
“We are extremely pleased to have completed the acquisition of these two premium rigs, which will further bolster our position as a regional drilling leader and complement our already high quality offshore jack-up fleet. This is another important step in our fast-paced expansion and growth program, ensuring we meet increasing demand as we enable ADNOC’s ambitious oil and gas production capacity growth as well as achieving gas self-sufficiency for the UAE.”
Mr. Al Seiari added that the new drilling units will join the ADNOC Drilling fleet and start operations in the third quarter of 2022, enabling considerable revenue for ADNOC Drilling to the benefit of investors and the UAE.
ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs since its debut on the Abu Dhabi Securities Exchange (ADX) in October 2021. This acquisition cements the company’s position as the largest national drilling company in the Middle East by rig fleet size, with further plans for expansion supported by a significant capital expenditure program.