UAE-based largest national drilling company ADNOC Drilling Company has signed a five-year drilling services agreement worth $3.8 billion with ADNOC Onshore for the continued provision of drilling, workover, and other well services.
According to the statement, the agreement helps both ADNOC Drilling and ADNOC Onshore as it is designed to increase efficiency in work crews, rig move time, and maintenance scheduling.
Further, it supports ADNOC Drilling’s unique position as ADNOC’s sole drilling services provider and will help the company achieve its ambitious growth and expansion goals.
“ADNOC Onshore is a valued and long-standing customer and this contract award further extend a 50-year profitable and unique partnership. I am delighted, that working together, we will continue to drive value for ADNOC and the UAE, delivering on the 2030 strategic production capacity and gas self-sufficiency targets. Advanced technologies and digitalization are at the heart of this agreement, as ADNOC Drilling continues to improve efficiencies, drive further growth opportunities while minimizing our environmental footprint.”
Following its record ADX listing in October, ADNOC Drilling released its first earnings in November, indicating strong and resilient growth for the third quarter and first nine months of the year. The company’s development journey includes geographical expansion and further development of ADNOC Drilling’s Oilfield Services offering.
ADNOC Drilling is the only provider of fully Integrated Drilling Services (IDS) in the region and since 2018, the company has delivered more than $250 million of savings to its customers through the delivery of these wells. The company owns 96 rigs and is the sole provider of drilling rig hire services and certain associated rig-related services to ADNOC.