ADNOC Drilling acquires new offshore jack-up rigs worth $200mln

ADNOC Drilling acquires new offshore jack-up rigs worth $200mln

ADNOC Drilling Company sealed an agreement to purchase an additional two offshore jack-up drilling units at an aggregated value of $200 million, according to a press release.

The transaction aligns with the UAE-based firm’s fleet expansion strategy to boost Abu Dhabi National Oil Company’s (ADNOC) accelerated production capacity target of 5 million barrels per day (bpd) by 2027.

Since the beginning of 2021, ADNOC Drilling almost doubled its offshore jack-up rig fleet to 32, with further major expansion forecast in 2023 and beyond.

In a bourse filing, the ADX-listed firm indicated that the acquisition comes in line with its growth plans and the three-year guidance on capital expenditure, adding that the capital investment will be registered during the years 2022 and 2023.

Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said: “[The transaction] is yet another important step in the execution of our strategy to rapidly grow our business, significantly boost revenues and increase shareholder returns. It also cements our position as one of the world’s largest jack-up rig fleet owners.”

Al Seiari noted: “Our objective is to be operating a total fleet of at least 122 owned rigs by 2024, and at our fleet’s current, accelerated rate of growth we will easily surpass that