ADNOC Drilling buys two more premium jack-up rigs as part of accelerated growth strategy

ADNOC Drilling on Monday announced it had signed a Sale and Purchase Agreement to acquire an additional two premium offshore jack-up drilling units as part of the company’s accelerated fleet expansion and enterprising growth.

The acquisition is the fourth confirmed by ADNOC Drilling in recent months. It bought two rigs on 30 May, and one each on 10 June and 24 August. The two new rigs have a combined cost of $140 million and will join the ADNOC Drilling fleet and commence operations by the end of 2022, the company said in a statement.

“ADNOC Drilling takes another exciting step in executing our accelerated growth strategy as a key enabler of ADNOC’s production capacity,” Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said in a statement.

“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,” he said.

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

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