ADNOC Drilling buys more rigs | Rigzone

UAE-based drilling company ADNOC has signed a sale and purchase agreement (SPA) to acquire two top-quality offshore jack-up drilling units.

ADNOC Drilling said the investment was central to the company’s enterprising expansion strategy and part of its three-year capital expenditure guidance.

The driller’s accelerated fleet expansion program keeps it firmly on its growth trajectory as it enables ADNOC’s ambitious goals to deliver 5 million bpd production capacity and achieve gas self-sufficiency for the Emirates Arab States while increasing the potential for higher returns for shareholders.

“We are extremely pleased to have completed the acquisition of these two high-end rigs, which will further strengthen our position as a regional drilling leader and complement our already high-quality offshore jack-up rig fleet. This is another important step in our program of rapid expansion and growth, ensuring that we meet growing demand as we enable the ambitious growth of ADNOC’s oil and gas production capacity as well that the achievement of self-sufficiency in gas for the United Arab Emirates”, Abdulrahman Abdullah Al Seiari, chief said the managing director of ADNOC Drilling.

“In addition to ADNOC Drilling’s commitment to consistently deliver strong returns to shareholders. The new drilling units will join ADNOC Drilling’s fleet and begin operations in the third quarter of 2022, enabling significant revenue for ADNOC Drilling for the benefit of our investors and the UAE,” he added.

It should be noted that ADNOC Drilling has expanded its fleet from 96 to 104 rigs held since its listing on the Abu Dhabi Stock Exchange in October 2021.

This latest acquisition solidifies the company’s position as the largest national drilling company in the Middle East in terms of rig fleet size, with further expansion plans supported by a significant capital expenditure program .

According to ADNOC Drilling’s announcement, the two new drill units are being acquired from Well Target Five Limited and Well Target Six Limited – both of Gusto MSC design, premium quality independent leg cantilever rigs.

Additionally, it was announced that ADNOC Drilling will become an inaugural member of FADX 15, a new tradable index created by ADX and FTSE Russell in March 2022, marking another milestone in the company’s history.

The index is uniquely designed by ADX and FTSE Russell to track the performance of the most liquid and largest companies in the ADX Main Market.

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