UAE’s ADNOC Drilling acquires two new jack-up rigs worth of $200m

UAE’s ADNOC Drilling acquires two new jack-up rigs worth of $200m

ADNOC Drilling Company PJSC (ADNOC Drilling) announced that it has signed an agreement to acquire an additional two premium high-specification Gusto MSC CJ46-X100-D design offshore jack-up drilling units.

The rigs have a combined cost of US$200 million.

The acquisition is part of the Company’s fleet expansion and growth strategy that is a key enabler of ADNOC’s accelerated oil production capacity target of 5 million barrels per day (mmbopd) by 2027. The Company has almost doubled its offshore jack-up rig fleet to 32 since early 2021, with further significant expansion expected in 2023 and beyond.

This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, commented, “The latest acquisition of these premium jack-up rigs will support our key customer, ADNOC, in its accelerated capacity target of 5 mmbopd by 2027 and is yet another important step in the execution of our strategy to rapidly grow our business, significantly boost revenues and increase shareholder returns. It also cements our position as one of the world’s largest jack-up rig fleet owners.

“Our objective is to be operating a total fleet of at least 122 owned rigs