ADNOC Drilling to Buy Three New Jack-up Rigs for $320M

November 21, 2022

UAE-based offshore drilling contractor ADNOC Drilling said Monday it had agreed to buy three "brand new" premium offshore jack-up drilling rigs for $320 million, "with further acquisitions in the pipeline."

The company said the rigs would meet the UAE national oil company ADNOC’s plan to raise and sustain production capacity.

"The acquisition underpins the company’s accelerated fleet expansion and enterprising growth strategy. Earlier sale and purchase agreements were signed on 30 May (for two rigs), 10 June (one rig) and 24 August (one rig)," ADNOC Drilling said.

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said: “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.”

Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30 September 2022. 

"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 Drilling said. The company did not say who the seller of the latest three rigs was.




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