Abu Dhabi’s ADNOC Drilling purchases three offshore jack-up rigs for $320m

Abu Dhabi-based ADNOC Drilling Company has signed an agreement to acquire three new premium offshore jack-up drilling units (rigs), for a combined cost of $320m.

The cost of the acquisition is part of the company’s three-year guidance on capital expenditure and its strategic growth plans, ADNOC Drilling said in a statement on Monday. The transaction backs the company’s accelerated fleet expansion and growth strategy.

The sale and purchase agreements that were signed earlier include one inked on May 30 (for two rigs), another one inked on June 10 (one rig) and a third pact signed on August 24 (one rig).

Read: Abu Dhabi’s ADNOC Drilling acquires offshore jack-up rig for $70m

“The latest acquisition of these premium rigs will be central to our success, and cement our position as one of the world’s largest jack-up rig fleet owners, as we strive to significantly boost revenues and shareholder returns over the coming years,” said Abdulrahman Abdullah Al Seiari, chief executive officer of ADNOC Drilling.

Since its listing on the Abu Dhabi Securities Exchange in October of last year, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of September 30, 2022. With the latest addition, the company will operate one of the largest offshore jack-up fleets in the world with 30 rigs.

ADNOC Drilling reported $1.94bn in revenue for the first nine months of the year, posting a 15 per cent year-on-year increase, while its net profit totalled $568m.