ADNOC Drilling to up spend on fleet size
ABU DHABI, February 13, 2023 – ADNOC Drilling has earmarked up to USD 2.5 billion to continue growing its rig fleet size in the next two years, the Emirati drilling company announced in its annual financial results on Monday.
The company saw net profits increase by 33% year-on-year to a record USD 802 million in 2022. Company revenue for the year stood at USD 2.67 billion.
ADNOC Drilling has ambitiously been raising its fleet size, with 16 new drilling units added in 2022, bringing its numbers up to 115 rigs.
Three newbuild jackup rigs were delivered in November 2022.
The acquisitions are part of the government’s plan to up Abu Dhabi’s production from 4 million boepd to 5 million boepd by 2027.
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