Emirates News Agency – ADNOC Drilling acquires additional premium jack-up rig, bolstering strong growth trajectory

ABU DHABI, 24th August, 2022 (WAM) — ADNOC Drilling Company (ADNOC Drilling) today announced that it has signed a Sale and Purchase Agreement (SPA) to acquire an additional premium offshore jack-up drilling unit for $70 million .

The cost of the acquisition forms part of the company’s three-year forecast for capital expenditures and strategic plans to grow its existing business.

The sale and purchase agreement is the third signed by the Company in recent months, with an agreement for two premium drilling units signed on May 30 and another for one premium drilling unit signed on June 10.

The four high-end offshore drilling units are expected to join the company’s fleet by the end of the year, bringing ADNOC Drilling’s total offshore jack-up rig fleet to 28 operational units, one of the largest fleets operational in the world. The acquisition further strengthens ADNOC Drilling’s position as the largest owner and operator of rigs in the Middle East.

ADNOC Drilling’s amplified drilling rig acquisition program is central to its strategic plan to significantly expand its business, significantly improving the company’s revenues and shareholder returns over the next few years.

Abdulrahman Abdullah Al Seiari, Managing Director of ADNOC Drilling, said: “The acquisition of this additional premium drilling unit is central to our bold growth strategy and the platform will help us deliver on our commitments to shareholders.

“Over the past 50 years, ADNOC Drilling has grown in size, stature and capability. Our position today, as the owner and operator of one of the largest fleets of offshore jackups in the world, testifies to the expertise of our staff and the visionary management of the United Arab Emirates.

Following its IPO in October 2021, ADNOC Drilling has demonstrated strong and resilient growth. In the first half of 2022, the company posted revenue of $1.27 billion, a 13% year-over-year increase, with net income of $379 million, an increase by 34%.

WAM/Hazem Hussein/MOHD AAMIR

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