WAM: ADNOC Drilling Company on Monday announced it has signed a Sale and Purchase Agreement (SPA) to acquire an additional two premium offshore jack-up drilling units. The investment is central to the Company’s enterprising expansion strategy and forms part of its three-year guidance on capital expenditure.
ADNOC Drilling’s fast-tracked fleet expansion programme keeps the Company firmly on its growth trajectory as it enables ADNOC’s ambitious targets to deliver 5 million bpd production capacity and realise gas self-sufficiency for the UAE, while increasing the potential for greater shareholder returns.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, commented, “We are extremely pleased to have completed the acquisition of these two premium rigs, which will further bolster our position as a regional drilling leader and complement our already high quality offshore jack-up fleet. This is another important step in our fast-paced expansion and growth programme, ensuring we meet increasing demand as we enable ADNOC’s ambitious oil and gas production capacity growth as well as achieving gas self-sufficiency for the UAE. ”
He added that the new drilling units will join the ADNOC Drilling fleet and start operations in the third quarter 2022, enabling considerable revenue for ADNOC Drilling to the benefit of investors and the UAE.
Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs, on 31st March, 2022. This acquisition cements the Company’s position as the largest national drilling company in the Middle East by rig fleet size, with further plans for expansion supported by a significant capital expenditure programme.
The two new drilling units, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs.