ADNOC Drilling Company and Helmerich & Payne Inc have jointly announced the finalisation of the rig enablement framework agreement
The agreement is set to advance ADNOC Drilling’s land rig operational performance, as well as support its ambitious growth and expansion plans. Focused on improving drilling efficiencies and unlocking operational savings, the Framework Agreement builds on the Asset Purchase Agreement and IPO Cornerstone Agreement announced on 8 September, 2021, further strengthening the strategic alliance between ADNOC Drilling and H&P.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said, “By sharing global best practices and further optimising our world-class rig fleet, this agreement turbocharges ADNOC Drilling’s significant competitive advantage, enabling us to further capitalise on and cement our leading position as the largest national drilling company in the Middle East and the only national drilling company that offers start-to-finish well services. The resulting efficiency gains will deliver enhanced operational excellence, in turn delivering even greater value to our shareholders.”
John Lindsay, H&P’s president and CEO, commented, “Our cornerstone investment in ADNOC Drilling’s IPO supported the execution of our international growth strategy to allocate additional capital outside the U.S. and is a testament to our belief in what ADNOC Drilling and H&P can achieve together. The finalisation of the Rig Enablement Framework Agreement now provides further opportunity to build on this strategic relationship and combine our capabilities to deliver exceptional operational performance.”
ADNOC Drilling’s recent IPO was the largest-ever listing on ADX, raising more than US$1.1bn and marking a significant milestone in ADNOC’s value creation strategy. Substantial demand saw the IPO oversubscribed more than 31 times, highlighting strong confidence in the company’s growth trajectory. As a Cornerstone Investor, H&P committed US$100mn to the Offer, subject to a three-year lock-up period.