The $180m equity stake marks the initial strategic investment by Alpha Dhabi in the venture
The drilling company said the awarding of the contracts follows more than $11.5bn in long-term contracts announced since the beginning of 2022
The rigs will become operational in the fourth quarter of 2023
The rigs are being built by Honghua Golden Coast and will progressively enter the fleet from the second quarter of 2024
The contract will enable the efficient delivery of completion services at Upper Zakum field and adds 20 per cent to annual revenue compared with 2022
The shareholders’ approval brings the total full-year 2022 dividend to 15.67 fils per share or $682.5m
The use of hybrid power land drilling rigs is an essential element of ADNOC Drilling’s decarbonisation strategy
ADNOC Drilling reported that its full-year earnings before interest, taxes, depreciation and amortisation touched $1.23bn
The company aims to operate a total fleet of at least 122 owned rigs by 2024
The acquisition supports the company’s accelerated fleet expansion and growth strategy
Stretching 50,000 feet, the well is around 800 feet longer than the previous world record set in 2017
Over 80 per cent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value programme
The two new rigs will join the ADNOC Drilling fleet and commence operations by the end of the year
The company has bought a total of four premium offshore jack-up rigs this year
Over 80 per cent of the contract value will flow back into the UAE’s economy under ADNOC’s In-Country Value program
The contracts are valued at $1.3bn for Integrated Drilling Services and $700m for the provision of four island drilling units
The market value of shares owned by foreign investors in Q1 2022 jumped 163 per cent to total Dhs131bn
EFG Hermes has advised on other landmark listings such as ACWA Power’s offering on Tadawul and ADNOC Drilling’s milestone IPO on ADX
The framework agreements cover ADNOC’s onshore and offshore fields and will run for five years with an option for an extension
Revenue for the full year was $1.14bn, up 6 per cent over 2020, largely driven by new rigs and rig reactivations
Its revenue increased 12 per cent year-on-year in the first nine months of 2021 to $1.7bn
The IPO will be the largest-ever listing on the bourse
Total gross demand for the IPO amounted to over $34bn
ADNOC Drilling is expected to list on the ADX on or around October 3, 2021