Abu Dhabi (Etihad)
ADNOC Drilling has announced the signing of a sale and purchase agreement to acquire two additional advanced offshore rigs. This investment is considered an essential step within the company’s expansion strategy, and is part of its plans for capital investments for the next three years. ADNOC Drilling’s rapid expansion program enhances the company’s continuity in its development and growth path, and supports ADNOC’s ambitious plans to increase its oil production capacity to 5 million barrels per day and achieve Gas self-sufficiency for the UAE, while increasing the chances of achieving greater returns for shareholders.
Abdulrahman Abdullah Al-Sayari, CEO of ADNOC Drilling, said: “We are delighted to complete the acquisition of these two advanced drilling rigs, which will reinforce our regional leadership position in the drilling field and support our fleet of world-class offshore rigs. This transaction is another important step in our rapid expansion program. And growth, and to meet the growing demand to achieve ADNOC’s ambitious goals to increase its production capacity of oil and achieve self-sufficiency in gas for the UAE, in addition to achieving what ADNOC Drilling has committed to providing consistently strong returns to shareholders. The third quarter of 2022, which will contribute to achieving significant revenues for ADNOC Drilling for the benefit of our investors and the UAE.”
Since its listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet of rigs to rise from 96 to 104 rigs owned by the company by the end of the first quarter of 2022. This acquisition enhances the strength of the company and its position as the largest national drilling company in the Middle East in terms of volume The company has also adopted other expansion plans backed by a large capital expenditure programme.
The two new state-of-the-art drilling rigs, acquired from Well Target Five Limited and Well Target Six Limited, are designed by Gusto MSC and are equipped with separate rigs and rigs, enhancing their work efficiency.
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