ADNOC Drilling Company has announced the signing of a Sale and Purchase Agreement (SPA) to acquire an additional two premium offshore jack-up drilling units (rigs)
The acquisition, which underpins the company’s accelerated fleet expansion and enterprising growth, is the fourth confirmed by the company in recent months. Earlier sale and purchase agreements were signed earlier in the year for an additional four rigs.
The two new rigs have a combined cost of US$140mn and will join the ADNOC Drilling fleet and commerce operations by the end of 2022.
Chief executive officer of ADNOC Drilling, Abdulrahman Abdullah Al Seiari, commented, “ADNOC Drilling takes another exciting step in executing our accelerated growth strategy as a key enabler of ADNOC’s production capacity. The acquisition of these new jack-up rigs consolidates our position as the owner of one of the largest operating jack-up fleets in the world and will significantly boost Company revenues, cash flow and shareholder returns over the coming years.”
Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has rapidly expanded its fleet from 96 to 105 owned rigs, as of 31 July, 2022. With the addition of these two premium jack-up rigs, the company will own one of the largest operating fleets of offshore jack-up rigs in the world, with 32 rigs, and has plans for further fleet growth.
ADNOC Drilling continues to demonstrate strong and resilient growth combined with a sustainable and progressive dividend. In the first half of 2022, the company delivered revenue of US$1.27bn, a 13% increase year-on-year, with a 34% increase in net income of US$379mn.
