ADNOC Drilling acquires 3 high-specification offshore jack-up rigs

By Arya M Nair, Intern Reporter
  • Follow author on
ADNOC Drilling acquires 3 jack up rigs
Image Courtesy: WAM

ADNOC Drilling Company has signed an agreement to acquire an additional three brand-new high-specification offshore jack-up drilling units.

The cost of the acquisition is part of the Company’s three-year guidance on capital expenditure and its strategic growth plans.

The acquisition underpins the company’s accelerated fleet expansion and enterprising growth strategy. The latest three rigs acquisition has a combined cost of $320 million and are premium high-specification jack-up rigs.

Abdulrahman Abdullah Al Seiari,
Abdulrahman Abdullah Al Seiari
CEO – ADNOC Drilling

“We continue to execute our bold growth strategy as a key enabler of ADNOC’s ambitious production capacity targets. The latest acquisition of these premium rigs will be central to our success, and cement our position as one of the world’s largest jack-up rig fleet owners, as we strive to significantly boost revenues and shareholder returns over the coming years.”

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.

With the addition of the latest three high-specification rigs the Company will operate one of the largest offshore jack-up fleets in the world, with 30 rigs, and plans further growth in the short term. ADNOC Classification: Public ADNOC Drilling continues to demonstrate strong and resilient growth combined with a sustainable and progressive dividend policy. In the nine months to 30 September 2022, the Company delivered revenue of $1.94 billion, a 15 percent increase year-on-year, with $568 million in net profit, a 24 percent increase.

In September this year, ADNOC Drilling 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.

Related: ADNOC L&S successfully closes Zakher Marine International acquisition