ADNOC Drilling Buys Two Jack-up Rigs

(Photo: ADNOC Drilling)
(Photo: ADNOC Drilling)

ADNOC Drilling announced it has signed an agreement to acquire an additional two offshore jack-up drilling unit for a combined cost of $140 million.

The two new rigs will join the ADNOC Drilling fleet and commence operations by the end of 2022, the company said.

Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said, “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.”

The acquisition is the fourth confirmed by the company in recent months. Earlier sale and purchase agreements were signed on May 30 for two rigs, June 10 for one rig and August 24 for one rig.  

Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 105 owned rigs, as of July 31 2022. 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.

ADNOC Drilling said it has further acquisitions in the pipeline.

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