Home News ADNOC Drilling Buys Two Jack-up Rigs

ADNOC Drilling Buys Two Jack-up Rigs

by Dubai Forum
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May 30, 2022

Credit: Lukasz Z/AdobeStock

Credit: Lukasz Z/AdobeStock

UAE-based drilling contractor ADNOC Drilling said Monday it had signed a sale and purchase agreement to acquire two premium offshore jack-up drilling rigs.

The two new drilling rigs, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs.

“ADNOC Drilling’s fast-tracked fleet expansion program keeps the Company firmly on its growth trajectory as it enables ADNOC’s ambitious targets to deliver 5 million bpd production capacity and realize gas self-sufficiency for the UAE, while the increasing potential for greater shareholder returns,” ADNOC Drilling.

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said: “We are extremely pleased to have completed the acquisition of these two premium rigs, which will further bolster our position as a regional drilling leader and complement our already high quality offshore jack-up fleet. 

“The new drilling units will join the ADNOC Drilling fleet and start operations in the third quarter 2022, enabling considerable revenue for ADNOC Drilling to the benefit of our investors and the United Arab Emirates.”

Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs, at March 31, 2022. 

“This acquisition cements the Company’s position as the largest national drilling company in the Middle East by rig fleet size, with further plans for expansion supported by a significant capital expenditure program,” ADNOC Drilling said.

DF

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