ADNOC Drilling Acquires Additional Premium Jack-up Rig, Fortifying Strong Growth Trajectory

Source Press Release
Company ADNOC 
Tags Asset Deals, Deals, Oil Services
Date August 24, 2022

Accelerated fleet expansion plan continues to advance with the addition of a premium offshore jack-up rig 

Total of four premium offshore jack-up rigs acquired this year with rig expansion program gathering pace

All four new rigs to enter ADNOC Drilling’s fleet before year-end, driving increased revenue and shareholder value

ADNOC Drilling now owns one of the largest operating jack-up fleets in the world

ADNOC Drilling Company PJSC (ADNOC Drilling or the Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced it has signed a sale and purchase agreement (“SPA”) to acquire an additional premium offshore jack-up drilling unit (the “rig”) for $70 million. The cost of the acquisition is part of the Company’s three-year guidance on capital expenditure and strategic plans to expand 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 30 May, and another for one premium drilling unit signed on 10 June. All four premium offshore drilling units are expected to join the Company’s fleet by year-end, bringing ADNOC Drilling’s total offshore jack-up fleet to 28 operational units, one of the largest operating fleets in the world. The acquisition further cements  ADNOC Drilling’s position as the largest owner and operator of rigs in the Middle East.  

ADNOC Drilling’s amplified rig acquisition program is central to its strategic plan to substantially grow its business, significantly enhancing Company revenues and shareholder returns over the coming years.  

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, commented: “The acquisition of this additional premium drilling unit is central to our bold growth strategy and the rig will support us in delivering on our commitments to shareholders.

“Over the past 50 years, ADNOC Drilling has grown in size, stature and capability. Our position today, as owner and operator of one of the largest offshore jack-up fleets in the world is testament to the expertise of our people and the visionary leadership of the UAE.”    

Following its initial public offering in October 2021, ADNOC Drilling has demonstrated strong and resilient growth. In the first half of 2022 the Company delivered revenue of $1.27 billion, a 13% increase year-on-year, with $379 million in net income – a 34% increase.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd