ADNOC Drilling Company, based in Abu Dhabi, has signed a sale and purchase agreement (SPA) to buy two more high-end offshore jack-up drilling units (rigs).
The two new rigs have a combined cost of $140m, and will join the ADNOC Drilling fleet and commence operations by the end of 2022, the company said in a statement.
The acquisition is the fourth confirmed by the company in recent months – an agreement for two premium drilling units was signed on May 30, another for one premium drilling unit penned on June 10, and the most recent for one unit signed on August 24. The company plans on making further acquisitions.
Abdulrahman Abdullah Al Seiari, chief executive officer of ADNOC Drilling, commented: “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.”
ADNOC Drilling Company was listed on the Abu Dhabi Securities Exchange (ADX) in October of last year.
Since its listing, ADNOC Drilling has expanded its fleet from 96 to 105 owned rigs, as of July 31, 2022. With the latest addition, the company will own one of the largest operating fleets of offshore jack-up rigs in the world, totalling 32, the statement added.
The company reported $1.27bn in revenue for the first half of 2022, recording a 13 per cent increase year-on-year, while its net income increased 34 per cent to total $379m.
The business revealed last month that it had received two contracts worth more than $3.4 billion to employ eight jack-up offshore rigs.
