Adnoc Drilling awarded nearly $1 billion contract to further unlock UAE’s offshore energy resources

Adnoc Drilling awarded nearly $1 billion contract to further unlock UAE’s offshore energy resources

Over 80% of the agreement value will flow back into the country's economy under the oil company's In-Country Value (ICV) programme

By Wam Published: Thu 13 Oct 2022, 11:37 AM

On Thursday, the Abu Dhabi National Oil Company (Adnoc) announced the award of a contract worth Dh3.6 billion ($980 million) to Adnoc Drilling to hire two jack-up offshore rigs, as well as the associated equipment and manpower.

The contract, awarded by Adnoc Offshore, will support the expansion of Adnoc's production capacity, as it responds to the growing global demand for lower carbon-intensity oil and gas.

Adnoc Drilling is the largest national drilling company in the Middle East, in terms of rig fleet size. This award will leverage the company's world-class expertise and state-of-the-art rig fleet to further unlock the UAE's offshore energy resources.

Over 80 per cent of the contract value will flow back into the UAE's economy under Adnoc's In-Country Value (ICV) programme, supporting local economic growth and diversification.

Yaser Saeed Almazrouei, Adnoc Upstream Executive Director, said:

"This award for the hire of jack-up rigs supports our ongoing efforts to responsibly unlock our lower carbon intensity oil and gas resources alongside our strategic international partners, and contribute to global energy security. Adnoc Drilling's world-class capabilities remain