ADNOC Drilling unveils $75mln agreement for 6 new hybrid rigs

ADNOC Drilling unveils $75mln agreement for 6 new hybrid rigs

ADNOC Drilling Company has signed a $75 million deal to purchase six newbuild hybrid power land rigs, according to a press release.

The six newbuild hybrid power rigs will be developed by Honghua Golden Coast and will progressively enter the fleet from the second quarter (Q2) of 2024.

Meanwhile, the partial revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) contribution from 2024 and full-year contribution from all rigs will be registered in 2025.

The new award follows an agreement for 10 newbuild hybrid power rigs that was announced last March. In this regard, the ADX-listed company ordered a total of 16 new-built hybrid power land rigs year-to-date.

All of these new-build 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, CEO of ADNOC Drilling, noted: “As we implement our bold fleet expansion plan, we are working to ensure that growth comes with the delivery of our decarbonization commitments.”

Al Seiari highlighted: “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