Adnoc Drilling clinches $1.15bn jackup rigs deal
Adnoc Drilling Secures $1.15 Billion Rig Contract
Adnoc Drilling, the UAE’s largest national drilling company, has secured a significant contract worth $1.15 billion from the Abu Dhabi National Oil Company (ADNOC). The agreement entails providing two advanced jackup rigs to ADNOC Offshore for a period of 15 years. This contract is part of ADNOC Offshore’s strategy to enhance its operational capabilities and follows a series of recent deals that have totaled approximately $3.6 billion in the last month alone.
Strategic Expansion and Long-Term Vision
The latest contract marks a crucial step in ADNOC Offshore’s ongoing expansion efforts. Adnoc Drilling, which is listed on the Abu Dhabi Exchange (ADX), emphasizes that the terms of the agreement are attractive and designed to generate long-term revenue and robust returns. The company highlighted that these long-term contracts exemplify the resilience and stability of its business model, providing clear visibility into future operations.
The new jackup rigs are among the latest generation of drilling equipment, specifically designed for offshore operations. They are currently being prepared at the Lamprell shipyard in Sharjah, with operations expected to commence by the end of the second quarter of this year. This development underscores both companies’ commitment to advancing their offshore capabilities and reinforcing their position in the competitive energy sector.
As the demand for oil and gas remains strong, the collaboration between Adnoc Drilling and ADNOC Offshore reflects a strategic alignment aimed at meeting both current and future market needs. This partnership not only strengthens the operational framework of ADNOC Offshore but also positions Adnoc Drilling for sustained growth in the years to come.
