ADNOC Drilling Company, today announced that it has signed an agreement to acquire an additional two high-specification offshore jack-up drilling units (rigs). The rigs have a combined cost of $200 million. 

“The latest acquisition of these premium jack-up rigs will support our key customer, ADNOC, in its accelerated capacity target of 5 mmbopd by 2027 and is yet another important step in the execution of our strategy to rapidly grow our business, significantly boost revenues and increase shareholder returns. It also cements our position as one of the world’s largest jack-up rig fleet owners. Our objective is to be operating a total fleet of at least 122 owned rigs by 2024, and at our fleet’s current, accelerated rate of growth, we will easily surpass that milestone. Our rig acquisitions will deliver exceptional revenue growth with strong profitability margins,” Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said.

The acquisition is part of the company’s fleet expansion and growth strategy to enable ADNOC’s accelerated oil production capacity target of 5 million barrels per day (mmbopd) by 2027. This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.