ADNOC Drilling signs $75m deal for six newbuild hybrid power land rigs

ADNOC Drilling signs $75m deal for six newbuild hybrid power land rigs

ADNOC Drilling, the Middle East region’s largest national drilling company by rig fleet size, has signed a $75m deal to acquire six newbuild hybrid power land rigs. The rigs are being built by Honghua Golden Coast and will progressively enter the fleet from the second quarter of 2024, with partial revenue and earnings before interests, taxes, depreciation and amortisation (EBITDA) contribution from 2024 and full-year contribution from all rigs in 2025. “With this new award and following an announcement in March detailing an agreement for 10 newbuild hybrid power rigs, ADNOC Drilling has ordered a total of 16 newbuild hybrid power land rigs year-to-date,” the company said in a bourse filing. g said all these new rigs are part of the medium-term guidance to get to an owned-rig count of 142 by the end of 2024. “The sixteen newbuild hybrid rigs ordered so far this year are central to ADNOC Drilling’s rigorous decarbonization strategy and our commitment to support ADNOC’s target to reduce greenhouse gas intensity by 25 by 2030, as well as the UAE Net Zero by 2050 strategic initiative,” said Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling. The rigs use a high-capacity battery and engine automation in