ADNOC Drilling to acquire six additional newbuild hybrid power land rigs

ADNOC Drilling to acquire six additional newbuild hybrid power land rigs

- Agreements for a total of 16 newbuild hybrid rigs awarded year-to-date

- $75 million award reinforces the accelerated rig acquisition program, while supporting the decarbonization agenda

Abu Dhabi, UAE: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the ‘’Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced that it has signed a $75 million agreement for the purchase of six newbuild hybrid power land rigs.

The six newbuild hybrid power rigs will be built by Honghua Golden Coast and will progressively enter the fleet from the second quarter of 2024, with partial revenue and 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. All of these newbuild rigs are part of the medium-term guidance to get to an owned-rig count of 142 by the end of 2024.

Abdulrahman Abdullah Al Seiari, Chief Executive Officer, ADNOC Drilling, commented: “As we implement our bold fleet expansion plan, we are working to ensure that growth comes with the delivery of our decarbonization commitments.

“The sixteen newbuild hybrid rigs ordered so far this