ADNOC Drilling Buys Another Jack-up Rig, Expanding Fleet to 28 Units

Thursday, August 25, 2022

Abu Dhabi-based ADNOC Drilling said Wednesday it had agreed to acquire a premium offshore jack-up drilling rig.

The company said it had signed a sale and purchase agreement (“SPA”) with an unnamed counterpart to acquire an additional premium offshore jack-up drilling unit for $70 million.

The sale and purchase agreement is the third signed by ADNOC Drilling in recent months, with an agreement for two premium drilling units signed on May 30, and another for one premium drilling unit signed on June 10.

"All four premium offshore drilling units are expected to join the company’s fleet by year-end, bringing ADNOC Drilling’s total offshore jack-up fleet to 28 operational units, one of the largest operating fleets in the world. The acquisition further cements ADNOC Drilling’s position as the largest owner and operator of rigs in the Middle East," ADNOC Drilling said.

In the first half of 2022 the Company delivered revenue of $1.27 billion, a 13% increase year-on-year, with $379 million in net income – a 34% increase.

Categories: Energy Middle East Drilling Industry News Activity Drilling Rigs

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