ADNOC Drilling wins $2bn worth offshore jack-up contracts

ADNOC Drilling wins $2bn worth offshore jack-up contracts

Rep. Image | Courtesy: ADNOC



UAE-based largest national drilling firm, ADNOC Drilling has confirmed the award of five 10-year contracts, totaling approximately $2 billion, in support of ADNOC Offshore’s growing drilling operations.

The contractual conditions, particularly the duration, were agreed with the client in light of the strength of the offshore jack-up market with higher day rates.

The contracts supporting drilling operations across five fields in ADNOC’s offshore portfolio are for the charter of five high-specification, premium jack-up rigs along with all required manpower and equipment.

As per the statement, “The new rigs are central to ADNOC Drilling’s rigorous decarbonization strategy and the company’s commitment to supporting ADNOC’s target to reduce greenhouse gas intensity by 25 percent by 2030, as well as the UAE Net Zero by 2050 strategic initiative.”

Abdulrahman Abdullah Al SeiariCEO – ADNOC Drilling

“We are pleased to have been awarded these important contracts. Long-term contracts like these are the backbone of our business model, providing a clear line of sight on future earnings. As we continue to grow our fleet, our shareholders will benefit from the opportunity to be directly invested in ADNOC’s accelerated production capacity growth, which is driving faster revenue growth and progressive, long-term shareholder returns while responding